The Australian dollar rose to a two-month high on Wednesday after Chinese econom...
LONDON - The Australian dollar rose to a two-month high on Wednesday after Chinese economic growth beat forecasts and indicated to some investors that the worst is over for the global economy.
The currency has been dogged by a dovish Reserve Bank of Australia but it rose above $0.72 for the first time since Feb. 21, after data showed China’s economy grew 6.4 percent in the first quarter. On Tuesday, the Aussie took a brief hit after the RBA said it believes a cut in interest rates would be “appropriate” should inflation stay low and unemployment trend higher.
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