The Australian dollar pushed to its six-week high against the U.S. dollar on Tuesday in anticipation of stronger economic data released by China, the biggest destination of its exports and the host of the globe's second-largest economy, Bloomberg reports.
The Asian nation is forecast to continue releasing healthy economic data as it recovers and stabilizes following the Great Recession. The Citigroup Economic Surprise Index for China, a gauge of whether economic data pushes past or falls short of projections that was released on Monday, advanced to its top value in five months.
"We're in a short-term upswing in the Aussie dollar," global head of currency strategy Marc Chandler with Brown Brothers Harriman told Down Jones Newswires on Tuesday. "The market has gone from pricing in a small chance of a cut to a small chance of a hike" of borrowing costs, he said.
The Australian dollar climbed roughly 0.1 percent against the world's reserve currency and about 0.3 percent against the Japanese yen.
The Aussie pushed ahead in the aftermath of an underwhelming U.S. jobs report for August, according to Dow Jones Newswires.
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