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Aussie closes higher |
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The Australian dollar hit highs against a range of currencies on Wednesday, including record peaks on the euro, burnished by a sturdy domestic economy that is benefiting from solid Chinese demand.
At close, the dollar was trading at $0.9152, up from yesterday's close of $0.9094. It was also buying 82.45 yen, from 81.85.
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Underscoring the importance of China to Australia's economic fortunes, the Australian dollar bounced after data showed China's exports and imports both surged around 45 per cent in February, well past expectations.
China is the top buyer of Australia's exports, and its strong demand for Australia's commodities was one of the reasons why Australia escaped a recession during the global economic crisis.
As far as the Reserve Bank of Australia (RBA) is concerned, Australia's Chinese windfall will last for years to come as it believes China would continue to grow over the next two decades.
It said again on Wednesday it sees Australia growing above 3 per cent this year and next.
The Australian dollar was strong on sterling near 25-year highs at 0.6110 pounds, after rising as far as 0.6122.
The euro, still trapped by concerns around the Greek fiscal crisis, struggled at $1.4850, having fallen earlier to a record trough $1.4834.
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| FOREX Reports |
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Dollar edges up against majors |
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The greenback was higher versus most major counterparts except the yen Friday as investors' appetite for risk remained subdued ahead of the first official estimate of second-quarter U.S. economic growth.
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Euro slightly up against majors |
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The European single currency unit, the euro recovered slightly against other major currencies ahead of the euro-zone unemployment rate for June, Italian and the euro-zone CPI data for July.
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China warns against illegal forex activities |
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China’s State Administration of Foreign Exchange (SAFE) said it will increase punishments for illegal foreign exchange activities. |
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Prevalent bearish sentiments in the global market due to higher US inventories weighed pressure over domestic crude oil futures Friday. MCX crude oil futures traded down today. |
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Mentha oil futures traded higher on the MCX counter due to the short covering at the lower levels ahead of contract expiry Friday. |
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Slight firm trend was noted for chana in the markets as moderate demand and arrivals were noted. Expectations of higher Festive demand are supporting the prices while slight higher arrivals prevented the prices from rising too much. |
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