Australian dollar strengthens

The Australian dollar has risen Wednesday, buying 70.51 US cents from 70.37 US cents on Tuesday.

Yesterday, the local currency has led risk assets lower across Asia after a survey on Chinese manufacturing missed forecasts in a blow to hopes for a rebound in global growth.

China’s official purchasing management index (PMI) dipped to 50.1 for April, when speculators had wagered on a steady outcome of 50.5 or even an improvement.

A measure of services also disappointed with a pullback to 54.3.

The Aussie is often used as a liquid proxy for China plays given Australia is a major exporter of resources to the Asian giant.

The currency quickly eased to 70.40 US cents after the PMI release from 70.64.

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