The AUDUSD pair caught a fresh bid tone and trimmed losses to retest five week highs, following the release of positive Chinese imports and exports data.
Currently, AUDUSD pair trades modestly flat at fresh session highs of 0.7459, within a striking distance of fresh five week highs reached yesterday at 0.7463. the Aussie halted its corrective slide at 0.7430 and regained upside momentum after the Chinese imports data revealed a smaller than expected drop in the imports, which shows that the Chinese domestic demand is slowly picking-up. China is Australis top export destination.
The Aussie hovers near multi-week highs as RBA’s status-quo stance combined with higher oil prices underpins the sentiment around the AUD. While ongoing weakness in the greenback across the board, further aids the bounce in the major.
Next in focus remains the US labour data due later in the NA session ahead of the Chinese CPI data lined up for release tomorrow.