As noted yesterday, the Australian dollar appeared poised for more convincing reversal than it has managed in recent months and today it continues to rise off its double bottom:
93 cents looks like resistance before any push higher. This afternoon’s China data might be a catalyst and certainly the media seems to think it’s going to be awesome. I’m more circumspect. The last year or so has seen fairly minor moves in Chinese data even if markets have greatly exaggerated them. I expect a modest improvement only.
