AUD/USD rises above mid-0.6400s, 2-week high
Hello dear friends!
Today, the AUD/USD pair continues to rise to its highest level in nearly two weeks during the Asian trading session. The price has moved further above the 0.6400 level after optimistic macroeconomic data from China, although the fundamental context still calls for caution before positioning any further price increases.
According to data released by China's National Bureau of Statistics (NBS), retail sales in August increased by 4.6% compared to the previously expected 3.0%. In addition, industrial production in the country also exceeded estimates and grew by 4.5% YoY in August, compared to a growth rate of 3.7% in July. This comes alongside more stimulus measures from China and continues to support market optimism, which is believed to weaken the US dollar (USD) and provide strong support for the Australian dollar (AUD).
Today, the AUD/USD pair continues to rise to its highest level in nearly two weeks during the Asian trading session. The price has moved further above the 0.6400 level after optimistic macroeconomic data from China, although the fundamental context still calls for caution before positioning any further price increases.
According to data released by China's National Bureau of Statistics (NBS), retail sales in August increased by 4.6% compared to the previously expected 3.0%. In addition, industrial production in the country also exceeded estimates and grew by 4.5% YoY in August, compared to a growth rate of 3.7% in July. This comes alongside more stimulus measures from China and continues to support market optimism, which is believed to weaken the US dollar (USD) and provide strong support for the Australian dollar (AUD).
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