Aussie Bounces with Help of Data from China

The Australian dollar fell against its US counterpart earlier today but bounced later with the help of positive economic data from China. The Aussie also rallied versus the Japanese yen.

The National Bureau of Statistics of China reported that gross domestic product expanded 7.3 percent in the fourth quarter of 2014 from a year ago, at the same rate as in the previous three months. While some analysts considered the result disappointing, it was still better than the average forecast of 7.2 percent growth. Industrial production increased 7.9 percent in December from the same period in the previous year, beating expectations, and 0.75 percent from the preceding month.

AUD/USD traded at 0.8209 as of 9:24 GMT today following the drop from 0.8208 to 0.8159 intraday. AUD/JPY advanced from 96.50 to 96.96.

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