The Australian dollar was looking for any excuse to break out.
When the RBA was fractionally less worried about AUD and the China manufacturing PMI was in-line with estimates that was enough to boost the Aussie through the April high to the best levels since November.
The first move only climbed a couple pips above the April high of 0.9461 but US traders are hopping on board now and AUD/USD has surged to 0.9480.
AUDUSD daily
The rise marks a break out from the consolidation phase in the 0.9200-0.9460 zone and points to a re-test of the late-2013 high of 0.9758.
