The Australian dollar strengthened on stronger-than-expected economic data from ...
China’s industrial output bounced in June from a 17-year low in the previous month. June retail sales surged 9.8% from a year earlier, compared with the 8.3% - a slowing from May’s tepid figures - that polled analysts expected.strengthened against the dollar to touch its highest since last week.
Ray Attrill, head of forex strategy at National Australia Bank in Sydney, said Monday’s figures, on the back of credit data on Friday, showed China’s stimulus program is gaining traction.“Whether you’re building a railway between two cities in China or whether you’re building stuff to sell to the U.S. it seems to need a lot of steel... it is still a good news story for Australia - that’s certainly the way that the market has chosen to interpret the numbers.”The U.S.
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