Positive economic updates from both China and Australia quietly lift the Australian dollar to be one of the top performing major currencies of the week.
Australia Headlines and Economic data
- China June industrial output up 6.3% year-on-year, beats forecasts, retail sales up 9.8% – Without direct catalysts from Australia, the pop higher in the Aussie against the majors is likely sparked by positive news from one of its largest trading partners in China
- The six month annualized growth rate in the Westpac–Melbourne Institute Leading Index, rose from –0.47% in May to –0.02% in June
- Australia jobless rate stuck at 5.2%, signals more work for RBA –
- NAB business confidence survey: Conditions ease further, while confidence increases
- The combination of the unemployment rate not rising above 5.2% and the better-than-expected NAB confidence survey was the catalysts for the bullish reaction and overall broad move higher in Aussie pairs throughout the Thursday session.