The Australian dollar rose steadily against the US dollar by Wednesday. The current AUDUSD exchange rate stands at 0.6500.
The surge was mainly fuelled by the decline of the US dollar in the global currency market after the release of the October inflation report.
This morning, China released a block of economic statistics that bolstered the positive momentum of the AUD. Retail sales in China increased by 7.6% y/y, and industrial production expanded by 4.6% y/y. The only anomaly in the overall data picture was the investment in fixed assets, which declined from 3.1% y/y to 2.9% y/y.
Robust data from China is positive for the AUD, as Beijing is Australia's main trade and economic partner.
Chinese reports also set the mood for the market risk asset sector.