Investing.com - The Aussie edged higher on Wednesday ahead of a slew of data from China, including third quarter GDP, that will give a better estimate of demand prospects in the world's second largest economy.
AUD/USD traded at 0.7669, up 0.03%, while USD/JPY changed hands at 103.86, up 0.02%. GBP/USD traded at 1.2294, down 0.03%.
China reports third quarter GDP with a quarter-on-quarter gain of 1.8% and a year-on-year pace of 6.7% expected. As well in the Middle Kingdom, fixed asset investment is seen up 8.2% year-on-year for September and industrial production likely rose 6.4% year-on-year. Retail sales for September are seen up 10.6% year-on-year.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted at 97.88.
Overnight, the dollar was little changed against the other major currencies on Tuesday, hovering close to a seven-month peak data showing that the cost of living in the U.S. rose at the fastest pace in five months in September.
The U.S. Commerce Department said the consumer price index rose 0.3% in September, in line with expectations and after a 0.2% increase the previous month. Year-on-year, consumer prices increased 1.5% last month, also in line with forecasts and after having risen 1.1% in August. That was its highest reading since October 2014.
Core CPI, which excludes food and energy costs, increased by 0.1% last month, below forecasts for a 0.2% rise. The pickup in inflation indicated that the economy may be able to sustain higher interest rates.