The Australian dollar strengthened 0.5 per cent against its US counterpart after the country’s consumer price index came in stronger than expected.
The currency rose to A$0.67 per dollar, while the country’s benchmark S&P/ASX 200 index shed 1 per cent. Retailer Harvey Norman led losses with a 7.4 per cent drop.
On Wednesday the Australian Bureau of Statistics reported that inflation rose more than expected in May, complicating the central bank’s path to interest rate cuts.
Elsewhere in the region, Japan’s Topix added 0.7 per cent to come within touching distance of its record high set in March.
Chinese and Hong Kong markets edged down while the Indonesian rupiah weakened 0.4 per cent against the dollar.
Read the full article here
