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Forex - Aussie gains after CPI, Westpac survey

Published 07/21/2015, 09:38 PM
Updated 07/21/2015, 09:40 PM
Aussie gains after CPI, Westpac-MI
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Investing.com - The Australian dollar gained after consumer price data largely met expectations and an economic survey ticked higher.

AUD/USD traded at 0.7431, up 0.15%, while USD/JPY changed hands at 123.64, down 0.20%.

Australia's headline CPI rose 0.7% quarter-on-quarter, below the 0.8% gain seen, while underlying inflation came in at an expected 0.6% rise.

Earlier in Australia, the June Westpac-MI Leading Index rose a scant 0.02 points to 97.96 in June following a fall in May.

At 1305 Sydney (0305 GMT) where RBA Gov Glenn Stevens is due to make a speech at the Anika Foundation luncheon.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.11% at 97.31.

Overnight, the dollar pushed lower against a basket of other major currencies on Tuesday, as investors continued to lock in profits from the greenback's recent rise to three-month highs as expectations for a U.S. rate hike in the near future still supported the currency.

Trading volumes were expected to remain light with no major U.S. data to be released throughout the day.

The dollar remained supported after Federal Reserve Chair Janet Yellen said last week that the Fed is likely to raise rates "at some point this year."

The single currency found mild support after Greek banks reopened on Monday, following a forced 3-week closure, while restrictions on cash withdrawals remained in place.

Also Monday, Greece repaid the totality of its arrears of about €2.0 billion to the International Monetary Fund. "Greece is no longer in arrears to the IMF," the Fund's spokesman Gerry Rice announced on Monday.

"The Fund stands ready to continue assisting Greece in its efforts to return to financial stability and growth," Rice added.

The Greek Parliament was scheduled to vote on further austerity measures on Wednesday.

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