Aussie Goes Higher on Positive Data from Australia & Abroad

The Australian dollar rallied today as economic data, both domestic and from abroad, was supportive to the currency, allowing it to rally to multi-year highs against some of its rivals.

The Australian business confidence index reported by the National Australia Bank rose from +6 in December to +10 in January. Meanwhile, China’s Consumer Price Index rose 2.5% and the Producer Price Index increased 6.9% last month from a year ago, according to the data from the National Bureau of Statistics of China. Both indicators were above expectations.

AUD/USD rallied from 0.7638 to 0.7685 as of 13:53 GMT today. EUR/AUD dropped from 1.3869 to 1.3808, trading near the lowest level since April 2015.

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