NEW YORK ( TheStreet) -- Although much of the focus has been on the Western world in recent weeks, developments in the Far East have also had global implications.
Chinese manufacturing data this week showed moderate expansion on all fronts of the Chinese economy. Although the growth is not considered robust, it is a good sign for global growth for the rest of 2013.
The first chart below is of CurrencyShares Australian Dollar Trust (FXA) over CurrencyShares Japanese Yen Trust (FXY). The Aussie dollar shot higher against the yen toward the end of August as stronger commodity prices and Chinese economic health supported dollar bids.
Similarly, the Reserve Bank of Australia shied away from implying imminent rate cuts, as the board stated it needs to see more economic data to make a more informed decision. Selling pressure in the yen as fear over a Syrian strike from Western powers has also buoyed the Aussie/yen currency cross.If fears subside over the Middle East and economic growth expectations improve, the Aussie dollar could rally into the new year. The next chart is of iShares China Large-Cap (FXI). Chinese equities have also benefited from stronger Chinese data. Economic data in both the manufacturing and services industries proved stronger than expected, which pushed the index shown below to the high points of its range. (JJC). Copper is a barometer of global economic health, as it is in demand during periods of economic expansion because of its industrial uses. As seen in the chart below, copper has run into strong overhead resistance in recent weeks. The stronger U.S. dollar, the fear of U.S. monetary tightening and the war in Syria have all led to weaker copper prices. Follow @AndrewSachais This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.