The AUD/USD currency pair soared on Friday afternoon to hit new 2-month highs of 0.7185 as traders continued to express optimism with all eyes set on China’s trade balance data. The pair bounced off weekly lows of about 0.7115 to trade at a new six-week high of 0.7185 despite the Reserve Bank of Australia’s weak inflation data reported on the previous day.
AUD/USD Fundamentals Overview
From a fundamental perspective, the AUD/USD currency pair’s current rally appears to be driven by today’s China trade data, which beat expectations thereby pointing towards an improvement in the Chinese economy.
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