AUDUSD rises on upbeat economic news.
AUDUSD rising today after Australian dollar sentiment improved when the publication of surveys from China showed surprisingly upbeat activity in both manufacturing and services, with the latter jumping to a very strong level of 56.3. China is Australia’s single biggest export market and a major driver of prices for its key commodity exports – which helped these reports reverse the earlier Australian dollar sales from yesterday.The Australian data itself showed a huge 21.6% increase in approvals to build new homes in February, far above forecasts of 5.0% – another bullish AUD signal. The pair is also pushed up by the latest news that T cells induced by COVID-19 infection respond to new virus variants and by Pfizer Inc and BioNTech SE saying their COVID-19 vaccine is safe and effective and produced robust antibody responses in 12- to 15-year olds – opening the way for them to seek U.S. emergency use authorization in weeks.
Expect buyers on downward corrections.
Next resistance to watch – 0.7661
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