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Overnight China reported third-quarter growth of 7.8%, in line with expectations. Industrial production and retail sales increased by 10.2% and 13.3% respectively on the year. These signs that the country is still expanding have boosted the Australian dollar, as a stronger Chinese economy will ensure demand for Australian minerals.
Conversely, Glenn Stevens of the Reserve Bank of Australia (RBA) has stated that a weaker dollar would be good for the Australian economy as it would make exports more competitive. Mr Stevens would like to rebalance the economy and make it less dependent on the mining sector. The RBA base rate is 2.5%. Goldman Sachs no longer feels there will be a rate cut in November, but instead they anticipate the next in March 2014.
Today is a quiet day in terms of economic data. Daniel Tarullo of the Federal Reserve is due to make an announcement at 5.30pm (London time). If Mr Tarullo suggests that the stimulus package should remain in place until next year, we could see the dollar head towards the $0.97 level.