The Australian dollar managed to bounce after the initial drop today. The currency rose even though fundamentals were not particularly supportive. The Aussie dropped to the new multi-year low against the US dollar previously.
Growth of the manufacturing sector in China slowed last month, worsening prospects for Australian exports. The Asian country is the biggest trading partner of Australia. On top of that, the Swiss referendum hurt prices for gold. This added to the bearish momentum of the commodity-related Australian currency. Yet the Aussie was able to rebound together with gold prices after the initial decline.
AUD/USD rose from 0.8468 to 0.8525 as of 17:53 GMT today, while its daily low of 0.8417 was the lowest rate since July 2010. AUD/JPY advanced from 100.57 to 100.69 following the earlier drop to 100.09.
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