The Australian dollar is up against peer currencies as traders react to strong data from Australia. According to the Australian Industry Group, the construction index rose from 42.7 in June to 45.2 in August, which is a sign that the economy is improving. Also, data from the National Australian Bank (NAB) showed that business confidence rose to -4 from -8. These numbers came a day ahead of the Reserve Bank of Australia (RBA) interest rate decision. Analysts polled by Bloomberg and Reuters expect the bank to leave rates unchanged and possibly hint that the rates will remain lower for longer.

Global equities rose sharply today as investors focused on Trump’s health. In the United States, futures tied to the Dow Jones and S&P 500 are up by near 1%. Similarly, in Europe, those tied to the DAX index, FTSE 100 and Stoxx 50 are up by 0.50%, 0.75%, and 0.53%, respectively. In a statement yesterday, health officials at the Walter Reed Military Hospital said that Trump was improving and that he could leave the hospital today. In addition, equities are rising because of the increasing number of corporate deals. According to the Financial Times. Italy’s payment providers, Nexi and Sia are set to merge in a deal that will create one of the biggest fintech companies in Europe.

The euro is up slightly against the US dollar as the market reacted to the news on Trump. Also, it is reacting to news that Joe Biden is leading in polls in the upcoming election. Later today, the euro will react to services PMI data from Markit. Analysts expect the services and composite PMI remaining unchanged at 47.6 and 50.1, respectively. The currency will also react to the Eurozone’s retail sales numbers. Elsewhere, the pound is rising after the EU and the UK committed themselves to intensify talks to solve the key issues.

EUR/USD

The EUR/USD pair is trading at 1.1731, which is slightly higher than Friday’s low of 1.1595. On the four-hour chart, the price has moved slightly above the 25-day exponential moving average while the RSI has risen to 55. Also, the price is a few pips below the important resistance level at 1.1500. Therefore, the pair is likely to continue rising in reaction to the news on Trump, PMI, and retail sales numbers.

GBP/USD

The GBP/USD pair has risen by 0.15% on the likelihood of a deal between the UK and the EU. On the four-hour chart, the price is slightly below the upper side of the ascending green channel. Also, it is slightly above the 25-day exponential moving averages. It is also slightly below the 61.8% Fibonacci retracement level while the RSI has been rising. Therefore, the pair is likely to continue rising as bulls aim for the resistance at 1.3000.

AUD/USD

The AUD/USD pair is rising after a series of relatively strong numbers from Australia. It is trading at 0.7187, which is slightly above the 25-day and 15-day exponential moving averages. On the four-hour chart, the price is also slightly higher than the 50% Fibonacci retracement level. The RSI is also rising. Therefore, the pair will likely continue rising as bulls aim for the next resistance at 0.7215.