The Australian dollar is leading a charge in commodity currencies to start the week with a quick 20 pip move to a new session high.
The rally is riding on a surge in the Nasdaq, which is now up 1.3%. Some of that is about the Cult of Elon as shares of TWTR jump after he took a nearly 10% stake in the company. Tesla shares have also continued the three-week rally.
In the bigger picture, commodity prices are strong with oil up nearly 4% today. Steel and copper are also rallying.
For AUD, moves to restart stalled construction in China could be helping the mood in a signal that officials there don't intend to sit idly as covid slows the economy.
Technically, these are critical levels. AUD/USD is at 0.7544, which is just shy of the Oct high of 0.7556.
