“The Australian dollar held an advance this year as a private gauge showed manufacturing expanded more than economists forecast in China, the South Pacific nation’s biggest trading partner.
The so-called Aussie and its New Zealand counterpart climbed versus most of their major peers before data this week that analysts say will indicate an expansion in U.S. factory output. Senate Majority Leader Harry Reid said the chamber will resume a session today in an attempt to avoid more than $600 billion in tax increases and federal spending cuts set to start taking effect in January in the world’s biggest economy.
“The global backdrop paints a relatively favorable picture for the Aussie dollar,” said Gavin Stacey, the chief interest- rate strategist in Sydney at Barclays Plc. “It’s hard to envisage a selloff for the Aussie when the global manufacturing backdrop is in an improving mode.”
If you enjoy the content at iBankCoin, please follow us on Twitter
