The Australian dollar gained on some of its major counterparts, like the very weak Japanese yen, during the current trading session. The Aussie was unable to beat the US dollar, though, as economic data from Australia missed expectations.
The Australian Producer Price Index grew 0.3 percent in December quarter from the previous three months, two times slower than the pace predicted by analysts. Private sector credit rose 0.5 percent in December from November, a bit slower than the average analysts’ estimate of 0.6 percent. Yet the Aussie dollar was able to gain against some majors like the euro and the yen (but not the US currency) despite the underwhelming reports.
AUD/USD backed off closer to its opening level of 0.7082 as of 15:54 GMT today after reaching the high of 0.7140 intraday. AUD/JPY rallied 2.1 percent from 84.14 to 85.90.
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