The Australian dollar shot to a two-month peak on Wednesday after data showed st...
TOKYO - The Australian dollar shot to a two-month peak on Wednesday after data showed steady Chinese economic growth in the first quarter, helping Australia’s currency shake off earlier losses.
The Aussie was 0.2 percent higher at $0.7190 after touching $0.7206, its strongest since Feb. 21. It also reached a four-month peak of 80.71 yen.China’s economy grew 6.4 percent in the first quarter from a year earlier, official data showed on Wednesday, above expectations, helped by sharply higher factory production.
Ishizuki said “while the RBA has sounded dovish, actually cutting rates is not a realistic option at the moment. This, in addition to higher iron ore prices, could propel the Aussie higher in the long term.” The single currency came under pressure on Tuesday after Reuters quoted four sources with direct knowledge of discussions as saying several European Central Bank policymakers think the ECB’s economic projections are too optimistic, as economic weakness in China and trade tensions lingers.
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