Amidst a flurry of bearish forecast downgrades, something funny has happened to the Australian dollar over the past 24 hours – it’s rallied hard.
Fresh from recording its largest one-day percentage increase since June 2 on Tuesday, the Aussie has followed that up with another 0.56% increase today.
In late Asian trade the AUD/USD currently sits at .7053, nearly 1.5 cents above Tuesday’s opening level.
The full Aussie dollar scoreboard can be found below.
- AUD/USD 0.7053 , 0.0039 , 0.56%
- AUD/JPY 85.02 , 1.01 , 1.20%
- AUD/CNY 4.4957 , 0.0308 , 0.69%
- AUD/EUR 0.6323 , 0.006 , 0.96%
- AUD/GBP 0.4585 , 0.003 , 0.66%
- AUD/NZD 1.1041 , -0.0005 , -0.05%
While the bid in the pair started yesterday following the release of the NAB business confidence survey for August – something that revealed business conditions rose to the highest level in trend terms since late 2009 – it was a late breakneck rally in Chinese stocks that really put a rocket under the Aussie.
With Asian stocks on a tear thanks to speculation Chinese policymakers may be about to loosen fiscal spending, the Aussie continued to grind higher throughout Wednesday’s trading session.
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