A surprise uptick in Chinese GDP sent the Aussie Dollar higher against its US counterpart, rising very close to a 2-week peak. The latest economic data from China’s National Bureau of Statistics showed that the Chinese economy grew by 7% (year-on-year) in the second quarter, besting some market predictions. GDP also improved on a quarter-over-quarter basis, improving to 1.7% from an upwardly revised 1.4% in the first quarter of the year. China’s Industrial Production figures and Retail Sales data also provided a positive surprise.
As reported at 11:24 am (BDT) in London, the AUD/USD was trading at $0.7460, a gain of 0.13%; the pair ranged from $0.7437 to $0.7490. The Kiwi Dollar didn’t get the same benefit from the Chinese data as the Aussie Dollar; the NZD/USD was trading at $0.6696, a loss of 0.25%.
Bank of England Hints at Rate Hike
In the United Kingdom, the Pound Sterling inched higher after the Bank of England hinted at the possibility of a rate hike in the near future. That sent the Pound broadly higher, touching on this month’s peak against the USD Dollar. The GBP/USD was trading at $1.5630, edging away from the session peak of $1.5673. The GBP/EUR was trading higher at 0.7052 Pence, a gain of 0.17%.