- AUD/USD scales past 0.7700 round number.
- China PMI data disappoints.
- US PMI and Georgia election in focus.
AUD/USD starts 2021 on a strong note, rising above 0.7700, continuing its strong run in December. The pair might soon run into strong selling pressure as the US dollar attempts to make a comeback from its two-and-half-year lows in recent days.
The greenback is currently attracting bids on weak Chinese PMI and increasing coronavirus cases. The Chinese Caixin Manufacturing PMI was at 53.0 in December, lower than 54.9 anticipated.
The Aussie dollar managed to hold its levels amid the dollar pullback, thanks to the rise in copper and gold prices.
The vaccine-driven optimism also underpins the pro-risk currencies, including the AUD, along with the ultra-dovish monetary approach from the central banks.
Traders eye US ISM Manufacturing PMI data along with the Georgia Senate election, apart from the pandemic updates for the AUD/USD in the week ahead.
At the time of writing, one Australian dollar buys 0.7723 US dollars, up 0.29% as of 08:24 AM UTC.