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Australian dollar drops sharply after soft inflation data

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The Australian dollar dropped two-thirds of a US cent on Wednesday after a lower-than-expected inflation reading saw markets calculating an increase in the risk of an interest rate cut.

[SYDNEY] The Australian dollar dropped two-thirds of a US cent on Wednesday after a lower-than-expected inflation reading saw markets calculating an increase in the risk of an interest rate cut.

The Aussie fell to US$0.7678 to show a loss of 0.9 per cent on the day. It touched a 10-month peak of US$0.7836 last week.

REUTERS