Australian Dollar Struggles to Keep Rally After China’s Data

The Australian dollar rallied after China released a bunch of macroeconomic reports, though the currency struggled to keep gains and actually slipped below the opening level against the Japanese yen.

China’s gross domestic product rose 6.7% in the third quarter of 2016, year-on-year. It was in line with expectations and the same rate of growth as in the previous quarters of this year. On a negative side, industrial production missed expectations, rising 6.1% in September (also year-on-year) while experts had predicted 6.4% growth. The Aussie paid more attention to the positive side of the data, rallying intraday, but had troubles maintaining upward momentum.

AUD/USD was up from 0.7663 to 0.7690 intraday but retreated to 0.7671 as of 13:14 GMT today. AUD/JPY went down from 79.60 to 79.33.

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