Wednesday saw the value of the Australian dollar remain near its lowest rate in three days against the world's reserve currency as the country prepared to release economic data about consumer prices on Wednesday, according to Bloomberg.
Both the Aussie and the dollar of New Zealand had initially increased in value against the U.S. dollar on Tuesday but assets considered higher-yielding began to fall. The two monetary units pushed to their top rate in roughly 30 days against the Japanese yen as speculation swirled about the Bank of Japan preparing to implement additional monetary easing.
"There isn't a great deal to say, there hasn't been a lot in terms of new information today," currency strategist Emma Lawson told the Sydney Morning Herald on Tuesday, noting CPI data due for release on Wednesday. "That leaves the Aussie dollar a little bit lackluster awaiting tomorrow's CPI."
Board member Heather Ridout with the Reserve Bank of Australia told a news conference that the nation's mining boom has grown more tepid but by no means is over.
Once the nation releases additional economic information the Australian dollar is likely to advance beyond the tight range in which it has been trading against the greenback, The Sydney Morning Herald reports.
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