AUD/USD Gains After Caixin China Manufacturing PMI

The Australian dollar rallied on the first trading day of 2018 thanks to positive economic data from China. But while the currency managed to hold onto gains versus its US counterpart, the Aussie retreated against other rivals.

The Caixin China General Manufacturing PMI rose from 50.8 in November to 51.1 in December. That was a noticeably better reading than 50.7 predicted by analysts. China is Australia’s biggest trading partner, therefore its economic performance tends to have a significant impact on the Australian currency.

AUD/USD rallied from 0.7808 to 0.7830 as of 11:45 GMT today, and its daily high of 0.7844 was the highest since October 20. EUR/AUD was down from 1.5385 to 1.5327 intraday but has bounced to 1.5410 by now.

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