The Australian dollar is slightly higher, helped by some Chinese economic growth figures that didn’t disappoint the market.
At 0700 AEST on Thursday, the local unit was trading at 93.71 US cents, up from 93.64 cents on Wednesday.
Economic data out on Wednesday showed that China’s gross domestic product (GDP) grew by 7.4 per cent in the year to March, higher than the market forecast of 7.3 per cent.
BK Asset Management MD Kathy Lien said the figures were a positive for investors.
“The Australian dollar received a lift from slightly better than expected Chinese GDP and retail sales figures,” she said.
“Industrial production weakened slightly but the decline was offset by the other releases.”
Also overnight, US Federal Reserve chair Janet Yellen said in a speech in New York that the US job market still needs help and the Fed must remain intent on adjusting its policy to respond to unforeseen challenges.
Lien said there was not much of a reaction in currency markets to Dr Yellen’s comments.
“Janet Yellen had nothing new to say about the economy and monetary policy.
“She promised to provide continued accommodation to support the recovery,” Lien said.
Key economic data out on Thursday includes the release of the National Australia Bank’s business survey for the March quarter.
AAP
