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Aussie dollar strengthens ahead of inflation data report

Xinhua, October 26, 2016 Adjust font size:

The Australian dollar has risen against the greenback and the impending release of Australia's third quarter CPI (Consumer Price Index) report on Wednesday.

At the Asian open on Wednesday, the local unit was trading at 76.44 US cents, up from 76.34 U.S. cents on Tuesday.

Commonwealth Bank of Australia senior currency strategist Elias Haddad in a research note said the Australian dollar continues to outperform against all major currencies backed by higher commodity prices.

"A pick-up in Chinese steel production is supporting the rally in iron ore and coking coal prices," said Haddad.

He said the Australian dollar will be driven by the inflation data report set for release at 1130 local time (AEDT) on Wednesday.

At 0919 local time (AEDT), the Australian dollar was trading at 76.46 U.S. cents. Endit