The Australian dollar advanced today, rising for the third straight session against the US dollar and the Japanese yen, as Australia’s economy grew in the first quarter more than analysts predicted. The currency also rose as Asian shares gained, bolstering demand for higher-yielding assets.
Australia’s gross domestic product expanded 1.3 percent in the first quarter of 2012 from the preceding quarter. Additionally, the previous reading was revised upwardly from 0.4 percent to 0.6 percent. The MSCI Asia Pacific Index of stocks gained 1.1 percent. Today’s market sentiment was positive, giving additional strength for the Aussie.
AUD/USD climbed from 0.9741 to 0.9851 and AUD/JPY advanced from 76.72 to 77.88 as of 10:15 GMT today.
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