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On Wednesday, the Australian dollar grew reacting to data that disclosed surge in the Australian economy, which speeded up in the second quarter of this year.
The currency pair AUD/USD jumped by 0.2% hitting 0.7191. In general, the Australian economy managed to ascend by nearly 0.9% quarter-on-quarter versus the estimated surge rate of about 0.7%, as the Australian Bureau of Statistics informed.
During the quarter to the GDP surge net exports managed to contribute up to 0.1%, while the household final consumption expenditure jumped by about 0.7%, adding nearly 0.4% to GDP surge.
On a year-on-year basis, surge in the Australian economy speeded up to 3.4%, surpassing estimates of a 2.8% deceleration.
The currency pair USD/CNY headed south by 0.1% coming up with an outcome of 6.8385 because China’s key financial institution set the Yuan reference rate at about 6.8266 versus Tuesday's reading of 6.8183.
Moreover, gauging the greenback’s purchasing potential versus its key rivals, the USD index headed south by 0.05% trading at 95.32. What’s more, the index’s losses were mostly limited because market participants waited for further development in the US-China trade conflict.
US leader is generally expected to proceed with its hawkish stance. So a great number of market experts suggest that new trade levies are bound to be slapped in the nearer future. Financial markets will be shocked if Trump does nothing to make it real.
Additionally, emerging market currencies also attracted enough attention.
Besides this, Argentina’s inflation is highly anticipated to reach a mind-blowing figure of 40.3% by the end of 2018, which is higher than the 31.8% prediction in July. Argentina’s national currency is predicted to slump to 41.9 versus the greenback by the end of 2018. However, in July experts were assured that it would slump just to 30.5. Argentina’s peso has dived by 52% against the US counterpart this year.
Reportedly, the ECB is analyzing the possibility of the change of the current inflation target of "below but close to 2%". It weakened the EUR
What is important today?
USD/SGD rises as the indicators disappoint the market.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
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