Aussie Oi Oi Oi

Australian dollar soared on federal budget, before China data

aussie-cup_pic1

The Australian dollar advanced following the federal budget which unveiled a lower deficit than projected and before the release of Chinese industrial data out Wednesday.

The Aussie stood at 71.17 euro cents from Tuesday’s 70.96 euro cents, and 79.86 US cents from 79.37 US cents.

Federal budget has backed the currency, as well as a “solid week on the macroeconomic front,” said Stephen Innes, Senior Trader at OANDA Asia Pacific Pte Ltd.