AUD/USD flows: Regional sentiment improves from more Chinese support

Regional sentiment improves as China launched a US$47bn state-backed fund to boost the country's semiconductor industry. While the policy itself maybe induced from U.S. sanctions, the setup of such state-back fund will be driving more economics growth and demand for raw materials, which indirectly benefits proxy trades like the Aussie. 

Combined with the positive industrial profit data from China in April, AUD/USD is trading 0.09% higher at 0.6634.