The Australian dollar rallied today even as China’s growth estimate missed analysts’ forecasts. The currency erased the gains against the US dollar later, but remained firm versus the Japanese yen.
China’s gross domestic product expanded 7.5 percent in the second quarter of 2013, according to the National Bureau of Statistics. Market participants have hoped that growth would stay at the first quarter’s rate of 7.7 percent. China is the biggest trading partner of Australia, therefore economic indicators of the Asian nation have a great impact on the Aussie’s performance.
AUD/USD was near the opening level of 0.9068 as of 9:55 GMT today after rallying to 0.9120 earlier. AUD/JPY advanced from 90.09 to 90.44.
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