The Australian dollar rallied against its US counterpart but fell against other most-traded rivals during the current trading session. That is despite the strong domestic employment data and decent macroeconomic reports released from China, Australia’s biggest trading partner.
Australia’s employment rose by 19,800 in September from the previous month, seasonally adjusted, exceeding the median forecast of an increase by 14,100. Furthermore, the unemployment rate unexpectedly ticked down from 5.6% to 5.5%.
The National Bureau of Statistics of China released important economic indicators today, and most of them were rather solid. Gross domestic product rose 6.8% in the third quarter year-on-year, a bit slower than in the previous three months but in line with expectations. Fixed asset investment rose 7.5% in the first three quarter of 2017 year-on-year, showing a slower rate of growth than in the previous reporting period and missing expectations. Industrial production increased by 6.6% in September year-on-year, exceeding the average forecast of 6.4% and accelerating from the 6.0% rate of growth in the previous month.
AUD/USD rose from 0.7845 to 0.7863 as of 13:18 GMT today. EUR/AUD advanced from 1.5019 to 1.5043 after falling to the daily low of 1.4994. AUD/JPY opened at 88.59, rallied to the daily high of 88.98, but fell to 88.48 later.
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