The Australian dollar rallied Wednesday on news of higher-than-expected inflation in the third quarter, before meeting a late wall of selling fueled by renewed fears linked to China’s banking system. At 0630 GMT, the Australian dollar was trading around US$0.9650 compared with US$0.9661 late Tuesday. It traded as low as US$0.9632 during the day and as high as US$0.9758.
Inflation rose 1.2% from the second quarter and 2.2% from a year earlier, the government said Wednesday in a report. Economists had expected the national consumer-price index to climb 0.8% from the second quarter and 1.8% from a year earlier.
Meanwhile, core inflation, which smoothes out the price impact from extraordinary events such as extreme weather and new taxes, rose 0.7% from the second quarter and 2.3% from a year earlier–also more than economists anticipated.
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