The Australian dollar jumped today as China released unexpectedly strong prices data, helping the currency of its trading partner.
China’s Consumer Price Index rose 1.9% in September from a year ago compared to the forecast increase of 1.6%. The Producer Price Index edged up 0.1% while forecasters had predicted a drop by 0.4%. China is the biggest trading partner of Australia, therefore its economic reports tend to have a big impact on the Australian currency.
AUD/USD rallied from 0.7567 to 0.7630 as of 12:43 GMT today. EUR/AUD crashed 1.3% from 1.4603 to 1.4417.
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