The Australian dollar has punched back above the 77 cent level

Manny Pacquiao lands a punch on Jeff Horn during the WBO Welterweight Title Fight between Jeff Horn of Australia and Manny Pacquiao of the Philippines at Suncorp Stadium on July 2, 2017 in Brisbane, Australia. Photo: Bradley Kanaris/ Getty Images.

The Australian dollar has punched back above the 77 cent level this afternoon, boosted by a strong rally in Asian stocks and continued US dollar weakness.

Here’s AUD/USD daily chart.

The Aussie has now added 1.85% from last Friday’s low, and is now threatening to break above the high of .7712 stuck on June 6. A convincing move above this level with have traders eyeing a test of resistance layered above the .7740 level.

Both the rally in stocks and Aussie have largely been driven by remarks from US Federal Reserve chair Janet Yellen overnight that were widely perceived to be less hawkish than what many had expected, creating doubt as to the speed and scale of future rate hikes from the Fed.

A strong Chinese trade report for June has also helped to boost sentiment across the region.

Here’s the full scoreboard:

AUD/USD 0.7703 , 0.0028 , 0.36%
AUD/JPY 87.02 , 0.19 , 0.22%
AUD/CNH 5.2185 , 0.0102 , 0.20%
AUD/EUR 0.6726 , 0.0002 , 0.03%
AUD/GBP 0.5963 , 0.0008 , 0.13%
AUD/NZD 1.0562 , -0.0008 , -0.08%

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