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The Australian dollar is trading at $0.9165, up 0.6% on the day, after China’s economy showed signs of stabilising.
On Wednesday, Beijing reported stronger-than-expected trade balance figures, with July imports and exports up 10% and 5% respectively. This encouraged traders to buy the Australian dollar, as China imports a large portion of its minerals from Australia. Strong industrial production figures overnight from China has also helped to remove some of the uncertainty surrounding the state of the Chinese economy.
Following the Reserve Bank of Australia’s 0.25% interest-rate cut to 2.5% this week, a new record low, the Australian dollar jumped as some traders anticipated a larger 0.5% price cut. The statement that followed suggested that the Aussie base rate will remain unchanged for a number of months, with dealers now looking towards November for the next rate cut.