ASX to surge on US Congress news as Australian dollar continues rally

The Australian share market could rise by as much as 2 per cent on Thursday, as it takes a lead from a Wall Street rally.

As of 6:30am AEST, ASX 200 futures were up 1.9 per cent to 6,670.

That follows several days of the market closing down as COVID cases pose a downer in Australia.

The Australian dollar has also continued to rise (+0.4pc) to 77.87 US cents.

Some analysts have even been predicting the dollar could rise above 80 US cents again, as China demands Australian iron ore.

US rally on Congress news

Most of the main US indexes are in positive territory in their late Wednesday (local time) trading.

Ten-year US Treasury yields also topped 1 per cent for the first time since March.

That comes as Democratic control of the US Senate becomes…