Forex News
March 6, 2013 @ 6:44 am

Australian dollar gains on strong growth data

The Australian dollar was the best performing currency, gaining n0.4 percent in the session to a high of $1.0299, the highest in a week.

Boosting the Aussie was data that showed Australia’s economy grew 0.6 percent last quarter, helped by a rise in resource exports. Also signs of steady growth in China, a major trading partner, buoyed investor confidence.

The Australian dollar moved further away from an eight-month low reached on Monday at $1.0116, to climb to a session high of $1.0283.

The strong data will be taken positively by the Reserve Bank of Australia and will support views that interest rates will remain steady rather than fall in the near term. The RBA kept the benchmark interest rate unchanged at its policy meeting yesterday at 3.00 percent

Also helping buoy the Aussie was upbeat sentiment by rallying stocks in Asian markets following Wall

Street’s record close on signs of continuing US economic recovery. The Dow Jones hit a record high in Tuesday trading, climbing 126 points to 14,253.77

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