The Aussie is shifting higher after China bullies markets on CNY speculation.
Upside capped by recent downswings, but there's room to run if sentiment holds.
Australian unemployment data in the mid-week could help or hurt depending on market sentiment.
The AUD/NZD caught a bump on Monday, trading into the 1.0870 region after kicking the trading week off near 1.0840. The Aussie (AUD) has caught a minor lift back into familiar territory after drifting to a medium-term low near 1.0820 late last week, getting bolstered by improving risk sentiment from China.
Chinese authorities are hitting markets with strong talking points early in the week, essentially warning market participants that they should “voluntarily maintain a stable market” and avoid excessive speculation trading.
Aussie getting dragged higher by up-step from China
The Renminbi (CNY) saw a much stronger fix than usual, and the upside momentum for the Chinese currency is dragging the Aussie higher, with Australia taking pride of place as China’s largest trading partner.
Things are light on the Kiwi (NZD) side, and changes in market dynamics will rest firmly in the hands of AUD traders for the week. The data point of note for the Aussie this week will be unemployment figures due on Wednesday, which markets are broadly expecting to hold steady at 3.7%
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