The Chinese growth rate in the first quarter was stronger than expected. The resulting demand has pushed up commodity prices, which supports the Australian dollar.
More Quotes from Richard Grace:
In terms of the yen, we think there still remains the carry trade. The yen looks weak today.Richard Grace
Commodity prices have fallen for two days in a row, with the falls including gold and base metals.
Richard Grace
The safer bet is to assume the Australian dollar will decline and begin to trend lower. Because 75.80 cents has held so well for the last few months, people are paying attention to this key technical level.
Richard Grace
Markets may start pricing in some stronger data as there's a risk industrial production is better than expected. People will start buying the dollar ahead of it.
Richard Grace
The Australian dollar could head higher this week. The CPI will be on the strong side, so we might get some interest rate-expectations creep in.
Richard Grace
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