The Australian dollar has jumped as optimism reigned overnight, boosting commodity currencies.
At 7.00am (AEDT) on Wednesday, the local unit was trading at US71.76c, up from US71.46c on Tuesday.
A
surge in risk sentiment was fuelled by more positive US data surprises
and repeated signals that the European Central Bank may ease.
A US manufacturing index had a modest improvement in January, although it remained in contraction for a fifth straight month.
RBC Markets chief US economist Tom Porcelli said it was more signs of stabilisation in the industry after a soft patch.
“If
we are indeed witnessing the bottoming process in the oil-related
pain... it could have a meaningful impact on broad non-residential
investment,” he said.
Meanwhile, ECB president Mario Draghi bolstered the case for another dose of stimulus at the central bank’s meeting next week.
“Draghi
said the March review will be conducted against a backdrop of downside
risks to the outlook and there are no limits to the deployment of
stimulus instruments,” Westpac economists said.
“Equities, commodities, US interest rates and the US dollar all rose, while the commodity currencies outperformed.”
Traders
will now closely watch local December quarter gross domestic product
figures due out Tuesday, where a 2.65 per cent annual growth rate is
expected.
Source: businessspectator
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