Australian dollar breaks the 1.0300 mark against the U.S. dollar

It is reported that the Australian dollar has risen higher against the US dollar and breached the 1.0300 mark as China’s National Development and Reform Commission approved the adoption of the trillion-dollar transportation project, while China, Australia’s largest trading partner, will increase demand for Australian iron ore and other mineral resources, which will benefit the Australian dollar. Against the U.S. dollar, in addition, the rise in the Asian and Pacific stock markets also supported the Australian dollar’s ​​rise, with the 1.0320 pressure on the top line.

According to reports, following the announcement on the 5th of the 25 urban rail plans and projects that approved the total investment of over RMB 700 billion, the China Development and Reform Commission announced again on the 6th that it approved 13 highway construction projects, 10 municipal projects, and 7 ports and waterway projects. .

It is conservatively estimated that the China National Development and Reform Commission has announced in two days that the total investment of these projects approved in a centralized manner exceeds 1 trillion yuan. This directly led to the strengthening of building materials, machinery manufacturing, railways, steel and other sectors. This will drive demand for steel, and China, Australia’s largest trading partner, will increase demand for Australian iron ore and other mineral resources, which will help the Australian dollar against the US dollar.

As a result of this news, the Shanghai Composite Index rose 86.10 points, up 4.2%. The Shenzhen Composite Index rose 502.35 points, or 6.06%.

Yihuitong Market Center showed that at 11:40 Beijing time, the Australian dollar reported 1.0303/04 against the U.S. dollar.