Australian Dollar Surges on Stronger-Than-Expected CPI Data

The Australian dollar gained strength against other major currencies in the Asian session on Wednesday following the release of Australia's consumer prices data for July. The Consumer Price Index (CPI) increased by 3.5 percent year-over-year, which was slightly lower than the 3.8 percent growth seen in June.

The market had predicted a 3.2 percent print, so the actual figure was higher than expected. This news saw the Australian dollar rise against other major currencies, with no specific details on its performance against the US dollar.