CANBERA (dpa-AFX) - The Australian dollar advanced against other major currencies in the Asian session on Thursday as stocks advanced after China GDP data came in line with expectations and positive economic data from the United States.
China said its third quarter gross domestic product was 7.4 percent year-on-year. This was in line with expectations but slower than the 7.6 percent growth recorded in the second quarter.
The statistical office also reported that industrial production grew 9.2 percent year-on-year in September compared to forecast for a 9 percent rise.
Retail sales grew 14.2 percent annually during the month compared to expectations for a 13.2 percent increase.
China's economic growth has started to stabilise and witness positive changes with economy running well in the third quarter, the Xinhua news agency quoted China's Premier Wen Jiabao as saying during seminars held October 12-15.
The government is confident of achieving annual targets and the economy will continue to show 'positive changes,' Wen Jiabao added.
The U.S. Commerce Department reported yesterday that housing starts jumped 15 percent to an annual rate of 872,000 in September from the revised August estimate of 758,000. Economists had expected starts to climb to 765,000 from the 750,000 originally reported for the previous month.
With the much stronger than expected monthly growth, the annual rate of housing starts reached its highest level since July of 2008.
The aussie climbed to more than a 2-week high of 1.0396 against the U.S. dollar and near a 4-week high of 82.31 against the yen with 1.045 and 83.00, respectively seen as the next upside target level. The aussie closed deals at 1.0386 against the greenback and 82.00 against the yen on Wednesday.
The aussie hit a 6-day high of 1.2619 against the euro, up from Wednesday's close of 1.2639. The next upside target level for the aussie is seen at 1.26.
Against the NZ dollar, the aussie that finished Wednesday's trading at 1.2639 approached a 2-day high of 1.2653. If the aussie rises further, it may break 1.27 level.
In the European session, Swiss trade data and U.K. retail sales for September are due.
Canada wholesale sales data for August and U.S. weekly jobless claims for the week ended October 13 are slated for release in the American morning session.
Copyright RTT News/dpa-AFX
© 2012 AFX News
