The Australian dollar followed its New Zealand counterpart to the upside even though economic data from China, the major Australia’s trading partner, was not particularly encouraging.
The HSBC China Manufacturing Purchasing Managers’ Index was at 50.2 in September, according to the revised reading, broadly unchanged from 50.1 in August. The problem is that the final value was considerably lower than the preliminary estimate of 51.2. Yet the Aussie (as the Australian currency is nicknamed) managed to post gains even though, unlike its New Zealand counterpart, domestic fundamentals were not particularly supportive (but were not completely bad either).
AUD/USD rose from 0.9306 to 0.9334 and AUD/JPY went up from 90.88 to 91.79 as of 17:49 GMT today.
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