Aussie rises on robust economic data

Australian dollar rose against most of its major counterparts on Thursday, thanks to the release of upbeat economic data.

Data showed today that Australia's consumer price index rose 0.8% in September, as most analyst expected.

The core CPI reading (excluding energy and food prices) rose by 0.7%, beating forecasts of 0.5%.

The data also showed that import prices index rose 5.4% last month, beating forecasts of 3.4%.

Meanwhile, the first reading of the US GDP for the third quarter showed a growth of 2%, missing forecasts of 2.6%.

Optimism about the global economic recovery from the coronavirus pandemic continues, which is reflected in the strong demand and recovery in spending and employment.

As of 16:50 GMT, AUD/USD rose 0.5% to 0.7553, and hit a high of 0.7557 and a low of 0.7481.