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Aussie dollar stronger against greenback, driven by Chinese economic expansion

Xinhua, April 18, 2017 Adjust font size:

The Australian dollar rose against its U.S. counterpart on Tuesday as economic results out of China have boosted the local currency.

At the Asian open, one Australian dollar was buying 75.90 U.S. cents, up from the 75.81-U.S.-cent mark it sat at on Thursday.

Elias Haddad, senior currency strategist at the Commonwealth Bank, told Xinhua in a statement that the Australian dollar should track past the 76.00-U.S.-cent mark this week, on the back of encouraging data coming out of China.

"China's economy expanded at a solid 6.9 percent annual pace in the first quarter, driven by the industrial and finance sectors," Haddad said.

Haddad contended that the positive growth momentum should continue in China, as increased manufacturing investment and improved investment funding drive stronger economic growth.

"Faster Chinese economic growth will underpin commodity prices and support the Australian dollar," Haddad said.

At 0820 local time AEST, one Australian dollar buys 75.89 U.S. cents. Endit