AUD blowing past its session and overnight high - China data beats (stimulus kicking in)

Chinese data is strong, especially the March activity data like industrial production.

It has shown a huge beat on estimates:

• China March Industrial production 8.5% y/y (expected 5.9%)

When China slowed the remarks that stimulus would soon follow were not far behind, and they've been correct, and we are seeing the results.

AUD surge:

Yesterday we got the RBA being dovish, AUD dropped. Today its a China recovery story. This is the tale of the AUD right now, conflicting stories driving it more so than usual. Tomorrow we get jobs data and another fresh input.

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ps. The usual doubts on the veracity of China data will begin soon.