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Aussie hits two-month peak after steady China growth data, euro bounces
Wednesday, 17 April 2019 12:24 WIB | CURRENCIES | EuroDolar ASAussie

The Australian dollar shot to a two-month peak on Wednesday after data showed steady Chinese economic growth in the first quarter, helping Australia's currency shake off earlier losses.

The Aussie was 0.2 percent higher at $0.7190 after touching $0.7206, its strongest since Feb. 21. It also reached a four-month peak of 80.71 yen.

The currency is sensitive to the economic fortunes of China, Australia's biggest trading partner.

China's economy grew 6.4 percent in the first quarter from a year earlier, official data showed on Wednesday, above expectations, helped by sharply higher factory production.

The U.S. dollar, often a safe haven, sagged against the euro after the Chinese data eased concerns about a global economic slowdown.

The dollar index against a basket of six major currencies dipped 0.1 percent to 96.976.

The euro rose 0.2 percent to $1.1300, paring the previous day's losses.

The single currency came under pressure on Tuesday after Reuters quoted four sources with direct knowledge of discussions as saying several European Central Bank policymakers think the ECB's economic projections are too optimistic, as economic weakness in China and trade tensions lingers.

Source: Investing.com

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