The Australian dollar rose today, withstanding negative impact of poor economic data released both from Australia and overseas. The currency reached the highest level since December versus the euro and the highest since July against the US dollar.
Australia’s consumer sentiment worsened in March while the number of home loans declined in January. As for news outside of Australia, yesterday’s release of trade data from China was considered disappointing by market analysts, sending the Shanghai Stock Exchange Composite Index down. Yet all the bad news did not prevent the Aussie from rallying during the current trading session.
AUD/USD rallied from 0.7438 to 0.7486 as of 13:05 GMT today. EUR/AUD tumbled 1% from 1.4801 to 1.4652.
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