The Australian dollar strengthened against other major currencies in the Asian session on Wednesday, as investor sentiment improved after data showed a drop in U.S. consumer prices in February, allaying fears of an accelerated rate hike from the U.S. Fed. The assurance from the U.S. regulators that there won't be a relapse of the financial crisis from 15 years ago following the collapse of U.S. lender Silicon Valley Bank over the weekend also helped lift sentiment.

Data from the U.S. Labor Department showed on Tuesday that the nation's consumer price index rose by 0.4 percent in February after climbing 0.5 percent in January. The advance by the index matched expectations.

In other economic news, data from the National Bureau of Statistics showed that China's industrial output grew 2.4 percent on a yearly basis in January to February period, faster than the 1.3 percent increase in December. Production was forecast to grow 2.6 percent.

Retail sales advanced 3.5 percent from last year, in contrast to the 1.8 percent decline in December. The rate came in line with expectations.

Tuesday, the Australian dollar traded steadily against its major counterparts.

In the Asian session today, the Australian dollar rose to 2-day highs of 0.6711 against the U.S. dollar, 0.9169 against the Canadian dollar, and 1.0754 against the NZ dollar, from yesterday's closing quotes of 0.6682, 0.9143 and 1.0705, respectively. If the aussie extends its uptrend, it may find resistance around 0.69 against the greenback, 0.93 against the loonie, and 1.09 against the kiwi. Against the yen and the euro, the aussie edged higher to 90.00 and 1.6028 from yesterday's closing quotes of 89.68 and 1.6054, respectively. The aussie may find its resistance around 91.00 against the yen and 1.56 against the euro.

Looking ahead, German wholesale price index for February is set to be released at 3:00 am ET.

Eurozone industrial output data for January is slated for release at 5:00 am ET.

In the New York session, U.S. producer price indexes and retail sales data for February, U.S. NAHB housing market index for March, and U.S. EIA crude oil inventories data are slated for release.

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