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Australian dollar jumps after upbeat GDP data

Wednesday, June 1, 2016 - 09:49
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The Australian dollar shot up nearly half a US cent on Wednesday after data showed the nation's economy grew at a better-than-expected pace in the first quarter, lessening the need for interest rate cuts.

[SYDNEY] The Australian dollar shot up nearly half a US cent on Wednesday after data showed the nation's economy grew at a better-than-expected pace in the first quarter, lessening the need for interest rate cuts.

The Aussie gained 0.7 per cent on the day to last trade at US$0.7286, pulling further from three-month lows touched last week.

REUTERS