The Aussie dollar is above 93 cents this morning and closing in on the all important 93.50 level which is likely to see a big reversal in positions.
After a period where all the news was bad for the Aussie, it is having a sweet spot at the moment and yesterday’s Indian trade data was another positive.
On the data the ANZ noted:
External trade printed a little better than expected by us, though markets were anticipating an improved print so the currency was little changed after the release. Exports are driving the improvement.
Export growth may well continue through FY2013-14, boosted by rising external demand and a significantly more competitive currency.
That is good news for India, for the BRICs which continue to print better data, and for the Aussie dollar which is finally starting to find some buyers as evidence builds that the global economy is doing better.
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