The Australian Dollar has strengthened against the Pound, trading in the region of 1.6550. The rise comes after data out of Australia’s biggest trading partner, China, matched economist expectations easing concern over a slowdown.
The ‘Aussie’ has risen against the US Dollar and has advanced against all of its most traded peers, making the biggest gains against the Swiss Franc and Singaporean Dollar.
According to the Beijing based National Bureau of Statistics China’s GDP grew by 7.5% in the second quarter of 2013, a figure expected by most economists. In the first quarter the nation’s economy grew by 7.7%. Other data out of China showed that retail sales in the country grew and industrial output also made gains.
Retail sales in China jumped by 13.3% on a year-by-year basis in June up from the 12.9% posted in May. Industrial production fell to 8.9% in June from 9.2% the previous month.
The data allayed fears that the world’s second largest economy is slowing down and sent oil to a 3-1/2 month high at over $109 per barrel.
“At the margin, the Chinese GDP data is supportive of the Aussie given the exaggerated growth fears; hence the Aussie Dollar is holding small gains,’ said Sue Trinh, senior currency strategist at Royal Bank of Canada.
The Australian currency also found support after official data showed that new motor vehicle sales in the country rose by 4% in June, up from the 0.3% gain seen in May.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9106
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6978
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6044
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1654
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0981
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4329
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6545
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8580
Correct as of 09:45 am GMT
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