Australia Headlines and Economic data
With no apparent drivers from Australia on the session, the round of Aussie strength was likely also on broad positive risk sentiment (continued recovery hopes and vaccine development news)
The broad, sudden drop in the Aussie against the majors during the U.S. trading session was a bit of a mystery.
Likely, it was on a shift in risk sentiment, this time possibly on geopolitical tensions rising (e.g., U.S. weighs sanctions on Chinese officials, firms over Hong Kong, China approves controversial national security bill for Hong Kong).
A bit of choppy price action during the Asia and London sessions, but we did see some directional bias during the U.S. session as the Aussie rallied a bit.
This was was likely due to the continued positive global risk sentiment, which may have stemmed from this session from Europe as the bigger-than-expected recovery fund proposal may be brightening up the outlook in Europe.