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Australian dollar holds near 0.699 amid resilient China outlook
The Australian dollar was up about 0.3% versus the US dollar to roughly 0.6992 as comments from China’s NBS pointed to resilience despite a Q2 growth slowdown.
FXStreet reports that China’s Deputy Head of the National Bureau of Statistics expressed confidence that the economy remains resilient even as second-quarter growth slows, citing price data staying in reasonable ranges and stating that first-half growth provides a foundation for meeting the full-year target.
In the Asian session, the Australian dollar did not react immediately to the remarks, with AUD/USD up around 0.3% to near 0.6992, according to FXStreet, as the US dollar was weaker.
FXStreet linked the currency move to broader drivers for the Australian dollar, including Reserve Bank of Australia interest rate expectations, the role of iron ore prices for Australia’s exports, and how China’s growth affects Australian demand for raw materials.
The outlet also noted that China is Australia’s largest trading partner and that shifts in Chinese growth data can feed through to AUD, with risk sentiment acting as an additional influence.