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.

This upward momentum was primarily propelled by the weakening of the US dollar in the global currency market following the release of the October inflation report.

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.

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