The Australian dollar continued to rally against the Japanese yen today following yesterday’s gains but fell against other major currencies including the US dollar. News from Australia itself was good but reports from China were disappointing.
Australian business confidence improved a little in January, and the House Price Index grew in the last quarter of 2014. Meanwhile, China’s consumer inflation slowed much more than was anticipated by analysts, and the Producer Price Index dropped, also being below expectations. China is the biggest trading partner of Australia, meaning that news from the Asian country has big impact on performance of the Australian currency.
AUD/USD declined from 0.7796 to 0.7774 as of 13:32 GMT today after rising to the daily high of 0.7840 earlier. At the same time, AUD/JPY rallied from 92.49 to 92.87.
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