Reuters: US Dollar Report: RPT-Aussie, European shares rise after China rate cut

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RPT-Aussie, European shares rise after China rate cut Jun 7th 2012, 11:22 Thu Jun 7, 2012 7:22am EDT LONDON, June 7 (Reuters) - The Australian dollar jumped to a three-week high against the dollar while the euro and European shares rose on Thursday, after the Chinese central bank cut benchmark deposit and lending rates. The growth-linked Australian dollar hit a three-week high of $0.9993 from around $0.9927 after the Chinese rate decision. The Aussie has been under pressure in recent weeks on concerns about a hard landing in China as growth in the Asian powerhouse slows. The euro rose to a session high of $1.26019 on trading platform EBS, its highest level since May 28. The FTSEurofirst was up 1.2 percent at 985.94, extending gains after the Chinese move.

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