Stronger figures out of China
Stronger than expected factory output figures and other data out of China saw the AUD and other commodity based currencies gain strength over the last 24 hours and as a consequence we now see the AUD a couple of cents higher against Sterling at 1.6980. The figures will raise hope that China’s economy is now starting to stabilise after all its recent problems.
No significant currency releases elsewhere in the world but one piece of interesting news from the international energy agency is the magnitude of the US shale gas production. There has been a massive increase in refinery throughput which will no doubt affect worldwide energy prices going forward and will likely play a significant role in realigning certain currency pairs.
GBP/EUR pretty much unchanged at 1.1620 GBP/USD increasing a little at 1.5550 and EUR/USD at 1.3380.