The Australian dollar rallied today despite lackluster macroeconomic data. The currency got support from the positive market sentiment that ignored the latest developments in the US-China trade war.
The six month annualized growth rate in the WestpacâMelbourne Institute Leading Index fell from 0.5% in July to -0.02% in August. Yet the Aussie rallied as the markets continued to ignore the escalation of US-China trade tensions. In addition, the traders’ mood improved further after Chinese Premier Li Keqiang said that China will not devalue the yuan to help its exporters.
AUD/USD rallied from 0.7213 to 0.7243 as of 7:56 GMT today. EUR/AUD declined from 1.6160 to 1.6153, touching the low of 1.6090 intraday.
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Positive Market Sentiment Allows Aussie to Ignore Economic Data
