The Australian dollar climbed on Wednesday against the world's reserve currency, spurred higher by the release of economic data indicating the nation's economy widened more than projected during the fourth quarter of 2013, according to Bloomberg.
The Aussie rose against all but one of its 16 major counterpart currencies though the treasurer of Australia said expansion should be more vibrant. Gross domestic product expanded 0.8 percent during the final quarter of last year, the Australia Bureau of Statistics said.
"With no new mega projects on the horizon, we continue to expect that mining investment will make a major subtraction from growth as it returns to a more normal level over the next few years," chief economist Kieran Davies with Nomura in Australia told The Australian on Wednesday.
The Australian dollar rose 0.2 percent against the U.S. dollar, which built on 0.3 percent gains against its rival from Monday and Tuesday.
Fourth-quarter expansion last year was 2.8 percent stronger than that of 2012, according to The Australian. Exports from the South Pacific nation increased last year by 6.5 percent.
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