The Australian dollar is moving higher today, gaining almost across the board on the latest business investment data. The idea that, perhaps, the Australian economy doesn’t need to rely so heavily on China is helping boost sentiment toward the Aussie right now.
Aussie has been struggling lately, thanks to concerns that China’s economic growth might be slowing. Because Australia is so tight with China, this has been impacting the the Australian dollar in Forex trading. However, recent business investment data indicates that perhaps Australia can do all right, even when China is slowing a bit.
According to the latest business investment data, spending plans have increased to A$137 billion for 2014/2015, which represents an increase from a different estimate of A$125 billion. This is good news for the Australian economy, and is bolstering the Aussie. However, the Australian dollar isn’t moving as dramatically as some might like, considering the possibilities open to the Down Under curerncy. But it’s a good start, and it appears that China isn’t the be all and end all for the Australian economy after all.
At 14:29 GMT AUD/USD is moving higher, up to 0.9288 from the open at 0.9236. EUR/AUD is moving lower, dropping to 1.4653 from the open at 1.4715. GBP/AUD is also lower, falling to 1.8004 from the open at 1.8093.
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Aussie Gains Ground on Business Investment Data
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