AUD is the top performer today
The Australian dollar has been fast out of the blocks this week, climbing 33 pips, or 0.42% to 0.7846. It's the biggest major FX percentage gainer and that's not a big surprise given the rebound in stock markets and sentiment.
In the bigger picture, AUD/USD has bounced ahead of the 61.8% retracement from the rally that started in December. If it can sustain the rise, then it would highlight an ongoing uptrend from 0.75.
On net, I think the better tone in stock markets and risk assets is a good sign.
Looking ahead, today's Australian NAB business confidence data isn't a big risk but China is headed for a week of holidays on Thursday and that could make the landscape a bit tougher to navigate.
