Economic Data from Australia & China Helps Aussie

The Australian dollar rallied against other currencies during the current trading session with the help of good macroeconomic reports from Australia and its biggest trading partner, China. The exception was the US dollar, against which the Aussie rallied initially but retreated to trade close to the opening level later.

Australia’s gross domestic product rose 1.1% (seasonally adjusted) in the December quarter of 2016 from the previous three months. It was bigger growth than analysts had anticipated and a far better reading than the drop by 0.5% registered in the preceding quarter. The seasonally adjusted Caixin China Manufacturing PMI rose from 51.0 in January to 51.7 in February while experts had predicted it to stay virtually unchanged.

AUD/USD was up from 0.7655 to 0.7699 intraday but backed off to 0.7658 as of 13:12 GMT today. AUD/JPY rallied from 86.32 to 87.14.

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