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AUD/USD refreshes multi-month high as bulls battle 0.7900 amid market optimism

• AUD/USD rises to the fresh high since March 2018.
• China’s Wang Yi pushes for closer cooperation on trade, politics with the US.
• Virus, vaccine optimism also help S&P 500 Futures to snap a four-day losing streak.

AUD/USD refreshes 35-month top with 0.7899 figures, currently up 0.23% around 0.7885, during Monday’s Asian session. In doing so, the bulls keep the reins following the heaviest run-up in seven weeks posted last Friday.

While looking for the catalysts, the overall upbeat sentiment joins headlines from the global rating agency Fitch and comments from Chinese diplomat Wang Yi seem to have played their role. It should, however, be noted that the lack of major data/events keeps the AUD/USD bulls chained off-late.

Fitch cited Australia’s strong institutions and an effective policy framework to keep ‘AAA’ credit rating. However, However, uncertainty around the medium-term debt trajectory following the significant rise in public debt/GDP caused by the response to the pandemic pushed the rating giant to have a negative credit outlook for the Pacific major. Read from source….