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17 Feb 2014
AUD/USD extends rally, tests 0.9065/70
FXStreet (Córdoba) - The AUD/USD started the week with a positive tone and a 30-pip gap, trading at 0.9064. After the initial minutes remains near the top testing last week highs that lie at 0.9065.
According to Peter Fell, FXBeat editor, the Aussie strengthened at the beginning of the week on the back of Chinese data. “The catalyst appears to be the release of Chinese new Yuan loans on Saturday, the data came is stronger than expected, suggesting the economy is growing at a faster pace than many analysts have forecast,” wrote Fell.
Last week the AUD/USD rose for the third consecutive weekly gain (first time since last october) and posted the highest close since December above 0.9000 after rallying more than 100 pips from Thursday’s low.
According to Peter Fell, FXBeat editor, the Aussie strengthened at the beginning of the week on the back of Chinese data. “The catalyst appears to be the release of Chinese new Yuan loans on Saturday, the data came is stronger than expected, suggesting the economy is growing at a faster pace than many analysts have forecast,” wrote Fell.
Last week the AUD/USD rose for the third consecutive weekly gain (first time since last october) and posted the highest close since December above 0.9000 after rallying more than 100 pips from Thursday’s low.