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Australian Dollar Climbs After China Growth Matches Forecasts

Australia’s dollar strengthened after a report showed China’s economy grew 7.5 percent in the second quarter, matching economists’ estimates.

The U.S. dollar extended gains against the yen and euro from the end of last week before data on retail sales today that may add to the case for the Federal Reserve to reduce monetary stimulus. The Bloomberg Dollar Index last week posted its first drop in a month after Fed Chairman Ben S. Bernanke, who is scheduled to testify on monetary policy this week, signaled that bond buying won’t be dialed back soon. Financial markets in Japan are closed today for a national holiday.