The Australian dollar continues to push higher in Asian trade.
A short time ago, the Aussie had cleared US81 cents and was continuing to climb. It’s currently trading at its highest level against the US dollar since May 2015.
The AUD climbed by 0.55% against the greenback overnight and closed at 0.8044.
That followed yet another US dollar sell-off, this time driven by strength in the euro after ECB president Mario Draghi made no direct attempt to talk down the currency after a meeting of the bank’s governing council.
The AUD has subsequently surged again in Asian trade. While the Aussie is up more than 0.6% against the greenback, the Kiwi dollar has added a full 1% on today’s session.
According to Chris Weston, Chief Strategist at IG Markets, said today’s USD selling is being driven by moves in the Chinese yuan.
“We are seeing AUD/USD through the recent highs, USD/CAD getting hit, NZD/USD looking good. USD/JPY is holding in quite well, which suggests this is a China inspired move,” Weston said.