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Forex - AUD/USD higher after Australian, Chinese data

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Investing.com - The Australian dollar was higher against its U.S. counterpart on Monday, after the release of positive Australian data as well as a report showing that the Chinese economy expanded in line with expectations in the second quarter.

AUD/USD hit 0.9122 during late Asian trade, the session high; the pair subsequently consolidated at 0.9088, climbing 0.43%.

The pair was likely to find support at 0.8999, the low of July 12 and a three-year low and resistance at 0.9306, the high of July 11.

Official data showed that new motor vehicle sales in Australia rose 4.0% in June, after a 0.3% gain the previous month.

Separately, official data showed that Chinese gross domestic product expanded 7.5% in the second quarter from a year earlier, following growth of 7.7% in the three months to March and in line with expectations.

Separate reports showed that Chinese retail sales rose to 13.3% on a year-over-year basis in June, up from 12.9% in May, while industrial production declined to 8.9% in June from 9.2% the previous month.

China is Australia's biggest export partner.

The Aussie was higher against the euro with EUR/AUD declining 0.61%, to hit 1.4355.

Later in the day, the U.S. was to release official data on retail sales and the Empire State manufacturing index.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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