Australian Dollar Regains Some Ground
FinFX | Jul 15, 2013 03:43AM ET
The Australian dollar regained some ground on Monday after China's second-quarter economic growth matched market expectations, easing worries that the world's second-largest economy could be slowing faster than expected.
The data did not have too much effect on other major currencies with both the greenback and euro largely steady in Asian trade.
China's annual economic growth slowed to 7.5% in the second quarter of 2013 from 7.7% - the second straight quarter of slower growth.
The number follows data on Wednesday showing an unexpected fall in Chinese exports for the first time in 17 months that had raised concerns GDP could be weaker than expected. That in turn hit the Aussie, with the currency falling on Friday under 90 U.S. cents for the first time since September 2010. Not only is China Australia's biggest export market but the Aussie is often sold as a liquid proxy to hedge any weakness there.
Thin calendar in European session sees not much potential for stronger action, with day's top releases, US Retail Sales and Emire State Manufacturing Index, coming later today.
Source: FinFX Daily Market Outlook.
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