Australian Dollar Benefits from China’s Data

The Australian dollar traded above the opening level today after the release of positive macroeconomic data from China. As of now, the currency has trimmed its gains but remains above the opening.
The Caixin China Services PMI rose from 51.2 to 52.2 in March. That is compared to the consensus analysts’ estimate of 51.4. Additionally, crude oil maintained its earlier rally, helping currencies related to raw materials.
AUD/USD rose from 0.7541 to 0.7551 as of 13:21 GMT today while its session high was at 0.7569. EUR/AUD dropped from the opening of 1.5085 to trade at about 1.5056 right now but bounced from the daily low of 1.4999.

If you have any questions, comments or opinions regarding the Australian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *