The Australian Dollar posted solid gains of more than 0.30% on Thursday against the Greenback after economic data from the United States (US) indicated the labor market is cooling.
Dollar's fleeting post-CPI rally was very short-lived. The greenback quickly reversed its initial gains and has since been trading within a narrow range against other major currencies. Traders appear relatively unfazed by the stronger than expected inflation readings, with markets still pricing in more than 70% chance on Fed cutting interest rate in March.