The Australian dollar rose on Wednesday after data showed growth in the Australian economy accelerated in the second quarter of 2018.
The AUD/USD pair rose 0.2% to 0.7191 by 12:30AM ET (04:30 GMT). The Australian economy grew by 0.9% quarter-on-quarter, compared with the estimated growth rate of 0.7%, the Australian Bureau of Statistics reported on Wednesday.
Net exports contributed 0.1% points during the quarter to the GDP growth and the household final consumption expenditure increased 0.7%, contributing 0.4% points to GDP growth.
On a year-on-year basis, growth in the Australian economy accelerated to 3.4%, again beating forecasts of a slowdown to 2.8%.
The USD/CNY pair slipped 0.1% to 6.8385 as the People’s Bank of China (PBOC) set the yuan reference rate at 6.8266 vs Tuesday’s fix of 6.8183.
