AUD/USD Higher Early, Focus on Domestic Data

        2252 GMT [Dow Jones] The AUD/USD continues to recover after falling sharply on U.S. jobs data overnight Friday and with hopes for the Chinese economy building after data released Saturday. "It'll take a raft of weak domestic data, particularly from building approvals, to knock the Aussie lower today," says David Scutt, a Sydney-based currency trader at Arab Bank. The pair is at 0.9279 after falling as low as 0.9203 overnight Friday. Scutt says investors will be watching for domestic data like the AIG-CBA performance of services index, TD-MI inflation gauge, ANZ job ads along with building approvals for March. "While all are deemed to be important, expect most focus to fall on the building approvals print, something that will need to keep expanding strongly to help with economic rebalancing," he says. (rebecca.howard@wsj.com; Twitter: @FarroHoward)
        (END) Dow Jones Newswires

        May 04, 2014 18:52 ET (22:52 GMT)