Today we are seeing a very strong rebound on the AUDUSD pair. It takes partly from the weakness of the dollar after the reading of the weak NY Empire index. On the other hand, it is difficult to find reasons for the strength on the Aussie itself.
We see a rebound in Copper today, but not a very big one, which does not rebuild the position of the commodity after the strong declines at the end of last week. AUDUSD, on the other hand, is recovering from Friday's losses. Moreover, we are not seeing big movements in the yuan. Only in the case of Chinese stocks and now index futures we are seeing significant movements. Wall Street and Chinese indices have seen a rebound around 4 pm.
Interestingly, the AUDUSD itself and China are not getting much good news. The PBOC has basically kept policy unchanged, although at the same time it is once again increasing liquidity through short-term borrowing. Interest rates, however, remained unchanged, although there were hopes that with lower inflation would come cuts. In addition, there is news of a significant drop in containers shipped from China to the US, indicating a weak recovery in that country.
Source: xStation5
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