The Australian dollar climbed on Wednesday against the world's reserve currency, propelled higher by gains to consumer confidence in the South Pacific nation, according to The Wall Street Journal.
The Aussie's week-long climb continued during the midweek trade session. The Australian reports the currency also benefited from China releasing strong economic data, indicating a top trade and commerce partner to the South Pacific nation is stabilizing.
"Overall, the data from China showed that the country's economy continues to expand at a healthy rate, despite widespread concerns that it would slow markedly in the second half of this year,'" managing director Boris Schlossberg with BK Asset management told The Australian on Wednesday. "The news bodes well for global growth in general and for Australia in particular as it suggests that Chinese demand for Australian resources is likely to remain high for the foreseeable future."
The Westpac Banking Corp./Melbourne Institute Index of consumer sentiment, which measured data from August to September, surged 4.7 percent. That data emerged after the National Australia Bank released a poll noting business confidence rose last month.
The Aussie's climb is likely to impact policy decisions of the Reserve Bank of Australia, which has slashed borrowing costs eight times since late 2011, according to The Wall Street Journal.
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