The Australian dollar pushed higher today on the back of strong data out of China, Australia’s largest trading partner.
At 11.47am (GMT) the Aussie dollar was trading at US74.58c up from US74.51c at close of trade yesterday.
The market expected Chinas GDP numbers to come in under 7% with most analysts predicting a year on year number of 6.8% as the Chinese economy begins to wane after 2 decades of solid growth.
The figure hit the market at 7% showing the Chinese governments stimulus program, such as cutting interest rates and reserve bank requirement are beginning to filter into the economy.
Data earlier in the week out of China spooked the Australian dollar causing significant losses and contributing to the 30% fall of the Chinese stock market over the last month.
All eyes will now be on today’s speech from US Federal reserve president Janet Yellen on the timing of an interest rate rise as well as the Greek parliament vote later tonight on the Austerity measures needed for their latest bailout plan.
The Australian dollar may be in for a relief rally if the Government of Greece can pass the measures so the country can move forward.