AUD/USD rises to fresh weekly highs, eyes 0.7700

AUD/USD broke above previous highs and climbed to 0.7688, hitting the strongest level since April 1. The pair remains near the highs holding a bullish tone supported by a decline of the US dollar across the board amid risk appetite.

Stocks in Europe finished in positive, with the DAX gaining 0.80% and the FTSE 100 0.68%. In the US, the Dow Jones was up 1.0% and the Nasdaq was rising 0.76%. Crude oil was up more than 4% while gold was flat around $1,255/oz. Commodity currencies were the top performers while the euro was among the worst.

The pair was holding near the top and to 0.7700. A daily close around current levels or higher would be the strongest since July 2015, but AUD/USD still remains far from 2016 intraday highs that lie at 0.7722 (Mar 31).

Data ahead

On Thursday, during the Asian session, consumer confidence data measured by Westpac from April will be released. In the US, important economic data is due, with the retail sales and wholesale inflation reports.