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Aussie Rises as China’s Manufacturing Growth Beats Expectations

September 23, 2013 at 11:34 by Vladimir Vyun

Australian coins and banknotesThe Australian dollar rose today after a report of China’s manufacturing was released on the weekend, showing that the sector expanded this month with faster pace than was predicted by analysts.

The HSBC Flash China Manufacturing Purchasing Managers’ Index rose from 50.1 in August to 51.2 in September. It was the highest reading in six months. Analysts have anticipated a smaller increase to 50.9. The report said:

The firmer footing was supported by simultaneous improvements of external and domestic demand conditions. We expect a more sustained recovery as the further filtering-through of fine-tuning measures should lift domestic demand.

AUD/USD rose from 0.9366 to 0.9425 and AUD/JPY was up from 92.97 to 93.22 (reaching 93.55 intraday) as of 11:33 GMT today.

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