Australian dollar up on Chinese data

Financial and commodity markets analytics

The Australian dollar has found some support today after better than expected data from China released over the weekend.

At 7.52pm (GMT), the Aussie dollar was fetching US72.46c up from US71.84c at close of trade on Friday.

Industrial production and retail sales figures from China released on Saturday showed the world’s second largest economy in recovery mode as we head towards the end of the year.

The latest figures showed that industrial production grew 6.2 percent in November, marking its highest reading in 5 months, and well above analyst’s forecasts of a 5.7 percent increase.

Retail sales hit the market at 11.2 percent, which was slightly above consensus for a number of 11.1 percent.

Investors were pleased with the data from China and drove the Australian dollar higher today showing the close connection between the two economies.

The Aussie dollar’s rise however is expected to be short lived on the back of falling oil prices and expectations later in the week, that the US Federal Reserve will lift interest rates in America for the first time since 2008.


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