The Australian dollar strengthened to around $0.661 on Thursday, extending its five-session rally to hit its highest level since November last year, fueled by optimism over latest global trade developments. The US and EU are reportedly close to a trade deal that would impose 15% tariffs on most imports while waiving duties on select items, according to European Commission officials.
Treasury Secretary Scott Bessent also confirmed that US and Chinese officials will meet in Stockholm next week for further talks. These developments follow a recent US–Japan tariff agreement that helped ease global trade tensions.
The US has also secured separate deals with the Philippines and Indonesia. In Australia, business activity expanded at its fastest rate since April 2022 in July, boosted by the first rise in manufacturing output in three months and a sharp acceleration in services, fueled by strong new orders and ongoing hiring—even as export demand remained weak and business confidence softened.
Source: Trading Economics
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