The Australian dollar rose today, jumping more than 1% against its US counterpart, as the nation’s supporting leading indicators added to the upward momentum of the currency caused by the investors’ appetite for riskier assets.
The Conference Board Leading Economic Index for Australia increased 0.4% in July after rising 0.3% in June. Meanwhile, traders were unwinding their long positions on the US dollar ahead of this week’s policy meeting of the Federal Reserve. Another positive factor for the Aussie (and other commodity-related currencies) was the rally of crude oil.
AUD/USD jumped 1.2% from 0.7476 to 0.7564 as of 14:56 GMT today. AUD/JPY gained from 76.37 to 76.97.
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