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21 Oct 2014
AUD/USD jumps above 0.8800 after Chinese data
FXStreet (Córdoba) - Commodity currencies rose against the US dollar after the release of economic data from China. AUD/USD rose from 0.8775 to 0.8813, reaching the strongest level since last Thursday.
Afterwards the pair pulled back and it was trading around 0.8800, slightly higher for the day. The upside was capped so far around 0.8810/15, that is an important short resistance, where October 16 and 17 highs lie.
China data favor AUD
According to the National Bureau of Statistics of China GDP grew 7.3% during the third quarter from a year earlier, above the 7.2% expected. Retail sales in septembre climbed 11.6% from a year earlier, slightly below the 11.7% expected while Industrial Production climbed 8%, surpassing expectations of a 7.5% increase.
Greenback weakened in the market after the data while the aussie posted fresh highs across the board.
Afterwards the pair pulled back and it was trading around 0.8800, slightly higher for the day. The upside was capped so far around 0.8810/15, that is an important short resistance, where October 16 and 17 highs lie.
China data favor AUD
According to the National Bureau of Statistics of China GDP grew 7.3% during the third quarter from a year earlier, above the 7.2% expected. Retail sales in septembre climbed 11.6% from a year earlier, slightly below the 11.7% expected while Industrial Production climbed 8%, surpassing expectations of a 7.5% increase.
Greenback weakened in the market after the data while the aussie posted fresh highs across the board.