The AUD/USD pair retreated around 30-55 pips from daily swing highs and refreshed daily lows, around the 0.7685 region during the early European session. The pair managed to gain some positive traction on the first day of a new trading week and built on its modest recovery from one-month lows, around the 0.7620 region touched on Friday. Stronger-than-expected Chinese trade balance data was seen as a key factor that extended some support to the China-proxy Australian dollar.
The uptick, however, lacked any strong follow-through and remained capped amid sustained US dollar buying interest. The USD stood tall near three-month tops and remained well supported by the prospects for a relatively faster US economic recovery from the pandemic, which was reinforced by Friday's upbeat US monthly jobs report.