FX Strategy Briefing: AUD/USD Surges on Better Economic Growth
By Hans Nilsson
02 September 2010 @ 03:20 am EDT
The dollar and yen fell on Wednesday as risk appetite increased after stronger-than-expected economic data alleviated fear on global economic slowdown. PMI manufacturing data for China and the US were better than anticipated. Investors paid less attention on ADP's forecast of a 10K drop in August US nonfarm private payrolls and a larger-than-expected decline in July construction spending. The S&P 500 surged 30.96 to 1,080.29 and interest rates increased. The EUR/USD rose despite an unexpected decrease in July German retail sales. The GBP/USD advanced. The Canadian dollar rose as stocks and commodities rallied.