Aussie Advances After RBA Holds Policy, China's Services Improve
- RBA says currency `adjusting' to decline in commodity prices
- China's non-manufacturing PMI climbs from previous month
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The Australian dollar climbed to a five-week high after the Reserve Bank of Australia refrained from cutting interest rates and a report showed an improvement in China’s services industry.
The Aussie was the second-best performer among Group-of-10 currencies this quarter, with only the New Zealand dollar climbing more, after the RBA kept its benchmark at a record-low 2 percent at a policy meeting Tuesday and said Australia’s currency is “adjusting” to a slump in commodity prices. Data earlier showed the contribution of net exports to gross domestic product increased more than economists forecast in the third quarter and activity in China’s non-manufacturing industry reached a four-month high in November.