The Australian dollar climbed more than 1 percent against the US dollar and the Japanese yen. The currency rallied even as macroeconomic data from China and Australia itself was rather negative.
The NAB Business Confidence index deteriorated slightly in August, falling from 4 to 1. China’s imports and exports declined in August, though this resulted in a better trade balance as imports dropped more than exports. Yet the Aussie rallied despite the bad news as the positive market sentiment made traders favor riskier currencies over safer ones.
AUD/USD rallied from 1.2 percent from 0.6953 to 0.7004 as of 13:12 GMT today. AUD/JPY gained from 1.8 percent from 82.57 to 84.04.
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