The Australian dollar rose against most major rivals after positive data showed higher than expected inflation in the first quarter.

Australias consumer prices rose 2.4% y/y in March, above estimates of 2.3%, and same as the previous reading in February.

On a quarterly basis, consumer prices rose 0.9% in the first quarter, up from 0.2 % in the fourth quarter of last year.

The odds of a 0.25% interest rate cut in May by the Reserve Bank of Australia fell to 95%.

On trading, AUD/USD rose 0.4% as of 19:50 GMT to 0.6405.

Loonie

The Canadian dollar rose 0.4% as of 19:50 GMT against its US counterpart to 0.7254.

Earlier data showed Canadas GDP contracted by 0.2% in February.

US Dollar

The dollar index rose 0.3% as of 19:52 GMT to 99.4, with a session-high at 99.6, and a low at 99.1.

Earlier data showed US GDP shrank 0.3% y/y in the first quarter, while analysts expected a growth of 0.4%.

According to the ADP survey, the US private sector added just 62 thousand new jobs in April, below expectations of 120 thousand.

Trump commented on the GDP contraction data and blamed Bidens heritage, asserting that his economic recovery that he promised will take time.

He asserted that tariffs will have their impact soon with corporations already shifting their production to the US in record numbers.

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