Upbeat Chinese macro data boosted risk appetite and underpinned the kiwi.
The pair caught some aggressive bids on the first day of a new trading week and finally broke out of its near two-week-old consolidative trading range amid a fresh wave of the global risk aversion trade.
An unexpected jump in China’s manufacturing activity in November helped offset recent concerns over the US-China trade deal and provided a goodish lift to perceived riskier currencies like the kiwi.
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Jeremy Corbyn – the opposition leader faces Prime Minister Boris Johnson – with the PM well in the lead. Investors would prefer an outright victory for the Conservatives, and the 10-point gap – which has stabilized after having narrowed beforehand – should guarantee that.
A Tory government is set to ratify Brexit and enact market-friendly policies. Markets are wary of seeing Corbyn in Downing Street, and he will need to excel in his debate with Johnson to have a chance of achieving that.
AUD/USD traded somewhat lower on Monday, after it hit resistance near the crossroads of the 0.6800 barrier and the downside resistance line drawn from the high of November 7th. Although the rate continues to trade below that downside line, since November 14th, it’s been failing to go for a lower low.
RBA Governor Lowe will deliver a speech during Asian session on Tuesday.
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GBP/USD is trading at fresh multi-week highs above 1.30. A new opinion poll has shown a widening lead for Conservatives over Labour as Trump visits London. UK Construction PMI hit 45.3 points, above expectations.
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