The Australian dollar strengthened against other major currencies in the Asian session on Wednesday, after data showed that consumer prices in Australia advanced more than expected on year in the third quarter of 2016.

Data from the Australian Bureau of Statistics showed that the consumer prices in Australia advanced 1.3 percent on year in the third quarter of 2016. That exceeded forecasts for 1.1 percent following the 1.0 percent increase in the previous three months.

On a quarterly basis, inflation jumped 0.7 percent versus forecast of 0.5 percent, and was up from 0.4 percent in the three months prior.

Meanwhile, the Reserve Bank of Australia's trimmed mean was up 0.4 percent on quarter, in line with expectations and down from 0.5 percent. It was up 1.7 percent on year, unchanged from and matching with forecasts.

The RBA's weighted median added 0.3 percent on quarter, shy of forecasts for 0.4 percent and down from 0.5 percent. It was up 1.3 percent on year, beneath expectations for 1.4 percent and down from 1.5 percent.

Tuesday, the Australian dollar rose 0.18 percent against the U.S. dollar, 0.78 percent against the yen, 0.41 percent against the euro, 0.21 percent against the Canadian dollar, and 0.30 percent against the NZ dollar.

In the Asian trading, the Australian dollar rose to nearly a 1-1/2-year high of 1.4127 against the euro and more than a 3-month high of 80.31 against the yen, from yesterday's closing quotes of 1.4236 and 79.67, respectively. If the aussie extends its uptrend, it is likely to find resistance around 1.40 against the euro and 82.00 against the yen.

Against the Canadian and the U.S. dollars, the aussie advanced to a 2-1/2-year high of 1.0286 and a 6-day high of 0.7709 from yesterday's closing quotes of 1.0206 and 0.7645, respectively. The aussie may test resistance around 1.03 against the loonie and 0.78 against the greenback.

The aussie climbed to nearly a 2-week high of 1.0756 against the NZ dollar, from an early 2-day low of 1.0637. On the upside, 1.08 is seen as the next resistance level for the aussie.

Looking ahead, Japan small business confidence index for October is due to be released at 1:00 am ET. Subsequently, German Gfk consumer climate index for November is due to be released in the pre-European session at 2:00 am ET.

U.K. BBA mortgage approvals for September is slated for release at 4:30 am ET.

In the New York session, U.S. advances goods trade balance for September, wholesale inventories for September, Markit's U.S. flash PMI reports for October, U.S. home sales data for September, and U.S. crude oil inventories data are set to be published.

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