The Australian dollar perked up slightly on Wednesday after data from China was not as dire as feared, but soft inflation figures at home kept the New Zealand dollar under pressure. The latest reading on China showed the economy grew at an annual pace of 7.4 percent in the first quarter, just ahead of forecasts for 7.3 percent. The data forced some investors to trim bearish positions in the Aussie, pushing it to a session high of $0.9370 from around $0.9350. It has since eased back to $0.9354.
The Aussie climbed against the yen, which was weighed by a rally in the Nikkei and it outperformed the kiwi to reach a two-month high of NZ$1.0902. The New Zealand dollar was down against many major currencies after benign inflation numbers and further softness in dairy prices dented demand for the currency. It was 0.6 percent lower on the day at $0.8591 and down around 0.7 percent on a trade weighted basis.
Comments
Comments are closed.