Australian Dollar Fails to Rally After China’s Data

The Australian dollar gained against the euro today following the release of mixed economic data from China. The currency has attempted to rally against the US dollar as well but failed and trades close to the opening level as of now.
China’s gross domestic product expanded 6.9 percent in the third quarter of this year — slower than in the previous quarter but not as slowly as economists had anticipated. The Aussie has tried to rally versus the greenback after the report, but the rally did not last long. One of the possible reasons for this might have been another important report, namely industrial production data. It showed growth of 5.7 percent in September (year-on-year), which was not only slower than the Augusts’ expansion but also noticeably below analysts’ predictions.
AUD/USD was up from 0.7254 to 0.7306 intraday but retreated to 0.7257 as of 14:43 GMT today. EUR/AUD dropped from 1.5643 to 1.5598 but is far above the daily low of 1.5501.

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