Research Team at BBH, notes that the Australian dollar continues to outperform.
Key Quotes
“A smaller January trade deficit (A$2.94 bln vs. A$3.2 bln consensus) and a rise in the service PMI (51.8 vs. 48.4) helped lift the Australian dollar above $0.7300 to its best level of the year. Rising commodity prices, including iron ore, may have also help underpin the Aussie. The high from last September and December in the $0.7380 area is the next major technical area of significance.
What is also impressive about the string of favorable Australian data and the gains in the Aussie is that they are coming despite continued weakness in the China’s PMIs this week.”
(Market News Provided by FXstreet)