The Australian dollar gained today, ignoring yet again disappointing economic data from China. Supporting the currency was news from Australia itself, being quite positive.
China’s industrial production grew 5.6 percent in October, year-on-year, disappointing economists who had predicted a 5.8 percent increase. On the bright side, The Westpac Melbourne Institute Index of Consumer Sentiment rose by 3.9 percent in November from October. The Aussie trimmed its gains against the greenback after the release of the Chinese data, but had enough strength to stay above the opening level.
AUD/USD rose from 0.7027 to 0.7052 as of 12:40 GMT after touching the daily high of 0.7077. EUR/AUD dropped from 1.5242 to 1.5197.
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