Forex news – Aussie at 3 month high after australian elections, china data

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Forex News – Aussie at 3-month high after Australian elections, China data

Posted on September 9, 2013 by the XM Investment Research Desk at 8:11 am GMT

The Australian dollar hovers at a three-month high against the U.S. dollar on Monday,

being supported by upbeat China data as well as news of an election victory by Conservative Party leader Tony Abbott over the weekend.

Abbott’s Liberal-National Party coalition had won around 52.6 percent of the national vote, and projected it would win at least 88 seats in the 150-seat parliament.

“From today I declare that Australia is under new management and Australia is once

more open for business,” fifty-five year old Abbott told jubilant supporters in Sydney.

“It is the people of Australia to determine the government and the prime minister of this

country and you will punish anyone who takes you for granted,” Abbot added as voters

“punished” the outgoing Labor government for six years of turbulent rule and for failing to maximize the benefits of a now fading mining boom.

Abbot promises he will kick start the mining sector which has seen a huge downturn in

recent years. The nation’s mining sector is the biggest sector of the economy and natural resources are a major export for Australia, especially to its major trading partner, China.

Meanwhile, data released over the weekend showing China’s economic recovery is improving boosted the Australian dollar as well.

The Australian dollar is now worth around 92 US cents in early Monday trading.

The Australian share market has posted modest gains with the major mining companies,

which look set to benefit from the Coalition’s plan to scrap the mining profits tax, were trading higher.

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