05:55
MarocTique
Australia’s dollar strengthened for a second day after China’s factory output increased more in September than analysts forecast.
The Aussie advanced against all except one of its 16 major counterparts after a separate Chinese report showed economic growth slowed less last quarter than predicted. China is Australia’s largest trading partner. The U.S. dollar snapped a three-day gain versus the yen as traders speculated a slowdown in global growth will convince the Federal Reserve to delay raising interest rates.
The Chinese data “is certainly a relief,” said Chris Weston, chief market strategist in Melbourne at IG Australia, a unit of IG Group Holdings Plc. With investors focused on a slowdown in global growth, a disappointing number “would have added more misery and we probably would have seen the markets snap back a little bit,” he said.
Australia’s dollar rose 0.2 percent to 88.03 U.S. cents at 11:21 a.m. in Tokyo after gaining 0.5 percent yesterday. The greenback fell 0.1 percent to 106.87 yen, and was little changed at $1.2797 per euro. The euro fell 0.1 percent to 136.74 yen.
The Bloomberg Dollar Spot Index, which measures the U.S. currency against a basket of 10 counterparts, was little changed at 1,061.81 after falling 0.2 percent yesterday.
China’s gross domestic product grew 7.3 percent in the third quarter from a year earlier, outpacing the 7.2 percent median estimate of economists surveyed by Bloomberg News. Industrial production rose 8 percent in September from a year ago, compared with a 7.5 percent expansion predicted in a separate
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Source: Bloomberg
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