Aussie climbs as China manufacturing grows first time since June
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[SYDNEY] The Australian dollar rose toward a nine-month high after a report showed manufacturing unexpectedly expanded for the time since June in China, the South Pacific nation's biggest trading partner.
The Aussie extended gains against major peers after data earlier showed Australian manufacturing jumped to the highest since 2004.
Supplying raw materials for China's industrial activity has fueled Australia's economic growth for more than a decade.
"The market got a little shot in the arm on the stronger prints, but we would interpret with caution," said Sue Trinh, head of Asian foreign-exchange strategy at Royal Bank of Canada in Hong Kong.
"We are bearish on the Aussie at current levels".
Australia's currency added 0.4 per cent to 76.89 US cents as of 10:25 am in Tokyo, after earlier rising as high as 77.01 US cents. It reached 77.23 on Thursday for the first time since July 1.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
BLOOMBERG
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
OCBC is said to emerge as lead bidder for HSBC Indonesia assets
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
