The monetary unit of Australia advanced on Monday on foreign exchange markets amid economic data noting China's economic hiccups appear to be slowing, according to Bloomberg.
Data released over the weekend by the South Pacific nation prompted the Aussie to climb against all of its top rivals on foreign exchange markets. Australia and China share strong commerce and trade relations.
An additional factor influencing the performance of the Aussie during Monday's trade session is the Tuesday policy meeting scheduled for the central bank of Australia. The likelihood is low that the interest rates will be changed from the 2.75 percent at which it presently stands.
"There was little to like about today's data," strategist Michael Turner with the Royal Bank of Canada told The Wall Street Journal on Monday. "With the jury still out on how the economy is responding to lower rates, with the exception perhaps of the housing market, and coincidental data remaining patchy at best, there would seem to be little upside for the Reserve Bank board to present anything but a dovish demeanor tomorrow."
Slippage in housing prices and domestic manufacturing were among the economic data released by the nation, according to The Wall Street Journal. Retail sales were weaker than projected.
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