US dollar and Chinese data help drive the AUD/USD back above 0.6500

The slump in the dollar yesterday afternoon, delivered gains across all the major commodity currencies. The AUD/USD rose sharply above 0.6400 after trading close to 0.6360 before the US CPI data arrived. The rise was then extended into the US close, where the AUD/USD ended the day at 0.6507. That close came after a session high at 0.6512 and means the AUD/USD almost reversed its prior drop from a previous rebound high, at 0.6522. The price has backed off slightly today, but the odds of the Aussie reversing higher above 0.6522 look more elevated than not right now. The release of some encouraging Chinese data earlier today has helped to maintain the momentum so far this morning too. The range seen so far today has been covered by 0.6483 to 0.6509. The AUD/USD is just now trading at 0.6501