But traders said it was unlikely the Aussie would push higher during the session, as markets wait for Wednesday’s fourth-quarter consumer price data.
Economists are predicting headline inflation of 0.7 per cent over the quarter and core inflation (ex volatile elements such as fuel prices) of 0.5 per cent, but a higher reading could add fuel to the Aussie’s rally.
“While I do not expect a positive print to have any immediate policy implications, it would continue to support the bias that the RBA’s next move will be a rate hike,” said Stephen Innes, senior currency trader at FX and CFD provider OANDA Australia and Asia Pacific.
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