Aussie Rebound After Decline as Global Economy Recovers

The Australian dollar rose today against its US counterpart on the signs of the global recovery after it declined previously on the slower Australian economic growth. The euro outperformed the Australian currency.

China’s Manufacturing PMI advanced from 54.7 to 55.2 in November, while it was expected to rise marginally to 54.8. The JPMorgan Global Manufacturing PMI rose from 53.7 in October to 53.9 in November, its highest level since July. The Markit Final Eurozone Manufacturing PMI rose to the four-month high of 55.3 in November, up from 54.6 in October.

The data from Australia itself wasn’t so good, weakening the Aussie earlier. The growth of the Australian economy slowed from 1.2 percent in the second quarter of 2010 to 0.2 percent in the third. That’s more than twice below the forecast value of 0.5 percent.

AUD/USD jumped from 0.9585 to 0.9677 as of 22:02 GMT, following the drop to 0.9537. EUR/AUD rose from 1.3541 to 1.3572 after it reached the intraday high of 1.3614 and currently tends to decline. AUD/JPY went up from 80.21 to 81.50 after it fell to the intraday low of 79.74.

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