The Australian dollar remains above 94 US cents on the back of surprisingly strong Chinese manufacturing figures. On Tuesday, the local currency was trading at 94.22 US cents, down from 94.33 cents on Monday. The Australian dollar shot up above 94 US cents on Monday, rallying as high as 94.47 cents after the HSBC China manufacturing purchasing managers’ index for June came in at 50.8, up from May’s 49.4 and well above economists’ expectations of 49.7. It was the first time since November 2013 that the index, which tracks activity in factories and workshops in the world’s second-biggest economy, had come in above 50. ‘‘The news ... (Read the full story)
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