- AUD bulls benefit from broad USD weakness, better market mood.
- Downbeat Chinese inflation, oil slump ignored.
- Eyes on US CPI data, coronavirus updates and G20 Summit.
AUD/USD picks up fresh bids and refreshes a new four-week high at 0.6370, breaking the Asian consolidative range to the upside in early European trades.
The Good Friday holiday-thinned light trading seems to have stretched the latest uptick in the aussie, as most major European markets are closed today amid the Easter break. At the time of writing, the spot trades 0.38% higher at 0.6362.
The latest uptick can be also partly justified by the persisting selling interest seen around the greenback against its main rivals, especially in light of Thursday’s disappointing US new jobless claims data and Fed’s additional stimulus announcement. The US dollar index holds the lower ground at 99.45, down -0.07% so far.
The commodity-currency buyers seem to ignore the recent 8% drop in oil prices after Mexico rejected the OPEC+ oil output cuts deal. Also, the disappointing Chinese CPI and PPI data for March also failed to hurt the bulls, as they stay motivated ahead of the US CPI data, G20 Energy Ministers meeting and the final OPEC+ outcome.
AUD/USD technical levels to watch