AUD/USD is edging higher, trading in the 0.6570s on Monday, after the release of strong Chinese data showed higher-than-expected growth in Industrial Production, Retail Sales and Fixed Asset Investment, in February.
AUD/USD rises after the release of better-than-expected macroeconomic data from China, its largest trading partner. Risk from China’s property sector, however, continues to undermine Iron Ore, Australia’s largest export. The week promises volatility as both Australia and US’s central banks hold policy meetings. The data improves the outlook for Australia’s largest trading partner but is not enough to provide an antidote to China’s property sector woes.
AUD/USD could see volatility in major week for central banks Monday sees the start of an important week for AUD/USD in which both the Reserve Bank of Australia and the US Federal Reserve are scheduled to hold policy meetings, with significant implications for the exchange rate. The RBA will announce the outcome of its meeting on Tuesday at 03:30 GMT. Although inflation in Australia has made good progress – falling from 5.4% to 4.
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