After stumbling on Monday, the rally in the Australian dollar resumed with gusto on Tuesday as the currency screeched higher over the course of Asian trade.
It’s been a relentless run upwards, mirroring similar movements in other currencies such as the New Zealand dollar and British pound.
The gains, already building earlier in the session, went up a gear upon the resumption of trade in Chinese markets at 11.30am Sydney time.
Some will point to bullish Australian economic data released at that time to explain the move, although it’s hard to fathom that drove the moves seen in other currency pairs.
Whatever the reason, it was nothing but one-way traffic in the second half of the Asian session, propelling the AUD/USD back above the 76 cent level as European traders rolled in.
No doubt further gains in Asian stocks, along with another amazing surge in Chinese commodity futures, assisted the move higher.
As at 5.55pm AEST, the AUD/USD buys .7621, having traded as high as .7628 just a few minutes ago.
It now sits at the highest level since June 24, the day the UK Brexit vote reaped havoc on financial markets. It has now climbed 4.5% from the Brexit lows.
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