Australian dollar inches up despite weak Chinese growth data

The Australian dollar inched higher on Monday, amid the continued optimism about the US second fiscal stimulus package to ease the coronavirus impact.

This came despite the release of the actual reading of China GDP, which came in at 4.9% during the third quarter, below expectations of 5.5%, vs. 3.2% during the second quarter.

The Donald Trump administration proposed a $1.8 trillion fiscal stimulus package to mitigate the coronavirus impact.

The Trump administration will try to reach compromise with the US congressional leaders in order to pave the way for an agreement on the package ahead of the November election.

As of 17:57 GMT, AUD/USD rose 0.1% to 0.7089, after hitting a high of 0.7116, and a low of 0.7072.