Australian Dollar Rises on China’s Data

The Australian rose today with the help of relatively decent economic reports from China.
China’s consumer annual inflation remained at 2.3% in April, unchanged from the previous month and in line with expectations. The Producer Price Index continued to fall but with slower pace, dropping 3.4% last month (year-on-year) after declining 4.3% the month before. The reports gave hope that the economy of the Australia’s biggest trading partner is stabilizing.
AUD/USD rose from 0.7314 to 0.7365 as of 14:03 GMT today. EUR/AUD dropped from 1.5553 to 1.5457.

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