The dollar eased and China's yuan gained on Wednesday after China's manufacturing activity expanded at its fastest pace since April 2012, while the euro rose after regional German price data added to inflation worries.
"The data confirms expectations that the growth outlook has improved quite significantly in China, so it's positive for risk sentiment," said Niels Christensen, chief analyst at Nordea.The kiwi surged 0.9% to $0.6242, while the Aussie gained 0.5% to $0.6762, reversing the slide to a two-month low earlier on Wednesday followingMeanwhile, data from Germany's most populous state, North Rhine-Westphalia, showed consumer prices rose 8.5% on an annual basis last month, up from 8.
Data from up to 16 German states is used to calculate a preliminary inflation figure for Germany. More regional consumer price data is released through the European morning before the pan-German data is published at 1300 GMT., two of the euro zone's biggest economies, pushing up rate hike expectations by the European Central Bank ."The euro is being well supported by the inflation data," Nordea's Christensen said.
"We're looking for a more solid euro area inflation reading tomorrow than we had expected going into this week."
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