The Australian dollar has been surging, having its biggest session in a month

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Building upon yesterday’s post-RBA meeting gains the Australian dollar enjoyed a stellar session overnight rallying to a high of .7175. That’s the highest level it has traded at since September 21.

That also meant the Aussie’s rally for Tuesday’s session of 1.15% was the largest percentage gain in nearly a month.

While it has given back some gains in recent trade – as of 8.20am AEDT the AUD/USD buys .7159 – it was a solid session for the Aussie, propelled higher by general US dollar weakness and continued strengthening in risk appetite.

Perhaps reflective of the fact that the outlook for global growth has been downgraded consistently over recent months by traders, the gain came despite the IMF yet again downgrading its expectations for global growth in 2015 and 2016.

“Markets have long since given up seeing much information value in the now customary 6-monthly downward revisions to its global and country-specific growth forecasts,” wrote Ray Attrill, co-head of FX strategy at the NAB in his morning note.

Looking ahead to today, there is no major economic data released in Asia, and Chinese markets remain closed for the golden week holiday – things should be quite on face value.

There may be some interest in the bank of Japan’s latest monetary policy decision, although it’s unlikely to create too many market fireworks given widespread expectation that the bank will yet again leave policy unchanged.

Beyond that, investors will be eyeing a speech from RBA assistant governor Guy Debelle just after 6pm AEDT this evening. Adding to the intrigue, his address has no set topic.

The full Aussie dollar scoreboard is below.

  • AUD/USD 0.7159 , -0.0004 , -0.06%
  • AUD/JPY 86.04 , -0.08 , -0.09%
  • AUD/CNY 4.5502 , -0.0025 , -0.05%
  • AUD/EUR 0.6349 , -0.0004 , -0.06%
  • AUD/GBP 0.4699 , -0.0004 , -0.09%
  • AUD/NZD 1.0935 , -0.0003 , -0.03%

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