Australia inflation data kicks currency higher

Australia’s dollar bucked almost a full U.S. cent higher after inflation surprised to the upside.

Unlike many of its Western peers, Australia reports its consumer and producer prices on a quarterly basis rather than every month, so the data set tends to be more of an event that it would be in the U.S. or Germany or such.

Wednesday’s release was no exception, juicing the Aussie dollar as markets decided the 2.6% seasonally adjusted gain was enough to keep the Reserve Bank of Australia from cutting interest rates anytime soon.