The Australian dollar advanced against its US counterpart for the third straight session today and rose against other most-traded currencies as well with the help of positive economic data from China. The Aussie was unable to maintain its rally versus the Japanese yen but kept rising against the greenback and the euro.
Today, the National Bureau of Statistics of China released a report containing several important economic indicators. The most important of them was gross domestic product that grew 7.3 percent in the third quarter of this year. The actual growth was below the previous quarter’s rate of expansion (7.5 percent) but above the predicted value (7.2 percent). Industrial production grew 8.0 percent, year-on-year, exceeding the median analysts’ forecast of 7.5 percent. It was the most positive indicator that contributed to traders’ optimism, which has carried the Aussie higher.
The Reserve Bank of Australia released the minutes of its October policy meeting. The minutes did not say anything particularly new and confirmed that interest rates are going to stay low for a long period.
AUD/USD rose from 0.8779 to 0.8817 as of 4:39 GMT today. EUR/AUD dropped from 1.4571 to 1.4538. Meanwhile, AUD/JPY dipped from 93.89 to 93.80.
If you have any questions, comments or opinions regarding the Australian Dollar,
feel free to post them using the commentary form below.
