Australian dollar rallies on CPI data

AUD/USD opened on Wednesday at 0.7707, and rallied up from 0.7706 to 0.7773 on the back of Australian CPI data. There was short covering to 0.7729 before the data before a surge to 0.7760 immediately after the as – expected CPI number. CPI rose 0.2% in the March quarter 2015. This compared to the rise of 0.2% in the December quarter 2014. The inflation number reduces the chances of a May rate cut.

USD/JPY was steady and consolidated gains after Tuesday’s rise. The pair was bid from 119.59 to 119.79, with the Tokyo Nikkei helping support. EUR/JPY was on back foot, off modestly from 128.53 to 128.29 on Greek concerns. • GBP/JPY steady between 178.42-77. Japanese data today showed Japan’s trade surplus was 229.3 billion yen ($1.9 billion) in March, the first excess since June 2012, according to the finance ministry.

EUR/USD slid in Asia from 1.0742 to 1.0716. Greece concerns are still weighing on the EUR.

GBPUSD was quiet, trading between 1.4915-36. Focus is on the Bank of England minutes later today. EUR/GBP was quiet, 0.7184-96, above recent 0.7160-area lows, 0.7010 3/11 low.

USD/CHF trading was light, in a range of 0.9547-62, above the recent 0.9495 low. EUR/CHF was stuck between 1.0241-58.

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