The AUD/USD pair has made significant gains driven by external factors.
The Australian dollar exhibited a steady rise against the US dollar by Wednesday, with the current AUD/USD exchange rate reaching 0.6500.
China's release of economic statistics this morning further contributed to the positive trend of the AUD. Retail sales in China witnessed a 7.6% year-on-year increase, and industrial production expanded by 4.6% year-on-year. The only deviation in the overall data was the decline in investment in fixed assets from 3.1% year-on-year to 2.9% year-on-year.
The robust data from China bodes well for the AUD, given Beijing's status as Australia's primary trade and economic partner.
The reports from China also set a positive tone for the market's risk asset sector.