AUD/USD up 116 pips to 0.7290
The Australian dollar is by far the best performer today. There are two big reasons why: technicals and fundamentals.
Technically, the break above the February highs and 200-day moving averages are like Popeye's spinach for the bulls.
The dual breaks today really just the start. If 0.7400 breaks, a much larger retracement could be in store.
The fundamental story is the Australian Q4 GDP report. It rose 0.6% q/q compared to +0.4% but the composition was also important. Household consumption was the biggest contributor; it argues that years of savings from Australians could be put to use to smooth over a rough time for the economy.
