The Australian dollar managed to rise today paring yesterday’s losses, with help from China’s macroeconomic data that showed an unexpected improvement of the manufacturing sector.
Today’s report showed an expansion of manufacturing in China, the biggest trading partner of Australia. The news allowed the Aussie (as the Australian currency is often called) to recover after yesterday’s decline caused by signs of smaller monetary stimulus in the United States. The currency still remains vulnerable due to possibility of an interest rate cut by the Reserve Bank of Australia.
AUD/USD rallied from 0.8965 to 0.9011 and AUD/JPY rose from 87.57 to 88.84 as of 12:54 GMT today.
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