Australian Dollar Attempts to Gain, Rally Fades

The Australian dollar attempted to rally today after the release of a set of positive macroeconomic reports from China. The rally was not big and currently is fading away.
China’s economic growth remained at the 7 percent level in the second quarter of this year, the same as in the first quarter, while analyst predicted small slowdown to 6.9 percent. Industrial production and retail sales also exceeded forecasts. The news was positive for the Australian currency as China is the biggest trading partner of Australia, yet the Aussie had troubles in profiting from the supportive data.
AUD/USD traded at about 0.7456 as of 11:11 GMT today after rallying from 0.7450 to 0.7488 earlier. AUD/JPY was up from 91.92 to 92.10, touching the daily high of 92.42.

If you have any questions, comments or opinions regarding the Australian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

three + two =