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Dollar rises on strong global data

 

arrow,chart,increase,meetingThe Australian dollar is higher amid strong data out of the US and China and a more optimistic global economic outlook.

At 0700 AEDT on Tuesday, the local unit was trading at 91.08 US cents, up from 90.90 cents on Monday.

The Australian dollar was boosted on Monday by strong US employment figures and surprisingly strong export data out of China.

The local currency was further boosted on Tuesday by growing optimism about the global economic outlook, ANZ senior manager FX in Auckland Sam Tuck said.

“We had the US payrolls and we saw the good Chinese data over the weekend and that was why the Aussie initially popped on the open and then we drifted back lower as people took the Aussie back towards where it was before the payrolls,” Tuck said.

“The driver this morning has generally been a little bit of optimism that the world is actually doing alright and that tapering isn’t going to affect the US as much as previously thought.”

AAP

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