The Australian Dollar has rallied against the Pound and many of its most traded peers after data showed that China’s manufacturing sector expanded for the first time in four months. China is Australia’s biggest trading partner and any positivity out of the Asian nation has a positive impact on the ‘Aussie’. Against its New Zealand peer the Australian Dollar made a third consecutive day of gains to climb to a two-week high.
According to HSBC Holdings Plc and Markit Economics the preliminary reading of the latest Chinese Purchasing Managers Index showed that manufacturing in the world’s second biggest economy rose to 50.1 in August, up from the 47.7 in July. The data exceeded economist expectations for a reading of 48.2.
Any number above 50 indicates expansion.
“China’s manufacturing data was well received, spurring a gain in the Aussie, having said that, there is still an overhang from the prospect of Fed tapering, so investors are hesitant to chase the Aussie rallies too aggressively,” said Takuya Kawabata an analyst based in Tokyo.
Against the US Dollar the ‘Aussie’ recovered some ground following the beating it took on Wednesday as foreign investors withdrew funds out of perceived riskier and commodity based assets.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9016 >
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6753 >
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5785 >
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.1091 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4806 <
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.7283 <
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8706 <
Correct as of 09:40 am GMT
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