The Australian Dollar intends to continue rising. Overview for 01.11.2019
AUDUSD was correcting a little bit after hitting its two months high, but right now it is ready to continue growing.
The Australian Dollar continues rising against the USD early in November. The current quote for the instrument is 0.6907.
Today’s statistics from Australia were rather minor, but the Aussie doesn’t seem upset. The AIG Manufacturing Index dropped from 54.7 points in September to 51.6 points in October, which means that managers of the largest Australian companies see signs of deterioration of market conditions. Of course, it’s not a good signal for the country.
Meanwhile, the Producer Price Index in Australia added 0.4% q/q in the third quarter, just as expected. As for this indicator, everything is fine, although there were no reasons to worry in the first place.
The Aussie positively responded to the statistics from China, which is the country’s key trade and economic partner. The Caixin Manufacturing PMI in China expanded up to 51.7 points in October after being 51.4 points in the previous month. An increase in business activity in this sector may signal that market risks regarding trade wars are going down and that‘s very good.
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