Strong economic data just propelled the Aussie dollar back above 77 cents

Shaun Botterill/Getty Images

The Australian dollar is flying in Asia, busting back above the 77 cent level for the first time since October 26.

Here’s the AUD/USD 5-minute chart.

AUDUSD 5-Minute Chart

The Aussie spiked higher following the release of Australia’s September building approvals and international trade reports which handily beat expectations.

After failing to break above the 77 cents on the first attempt, a level it’s struggled to overcome in recent days, a second wave of buying kicked in, helping to trip stop-loss orders layered just above the figure.

The Aussie is also getting a tailwind from broad-based US dollar weakness as continued speculation over Donald Trump’s appointment of the next Federal Reserve chair, along with the likelihood and detail of US tax reforms, continues to swirl around markets.

As a result, the AUD/USD is now trading at .7711, above its 200-day moving average.

AUD/USD Daily Chart

Here’s the expanded scoreboard as at 12.50pm AEDT.

AUD/USD 0.7711 , 0.0036 , 0.47%
AUD/JPY 87.77 , 0.16 , 0.18%
AUD/CNH 5.0809 , 0.0096 , 0.19%
AUD/EUR 0.6613 , 0.0009 , 0.14%
AUD/GBP 0.5801 , 0.0008 , 0.14%
AUD/NZD 1.1124 , -0.002 , -0.18%
AUD/CAD 0.9901 , 0.0032 , 0.32%

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.