The Australian Dollar has a chance to rise. Overview for 03.04.2018

On Tuesday morning, AUDUSD is trading upwards after they published some Australian statistics and the RBA’s interest rate decision.

The Australian Dollar is getting more expensive against the USD on Tuesday. The current quote for the instrument is 0.7682.

Another meeting of the Reserve Bank of Australia was over today without any surprises. The benchmark rate remained at 1.50%. The comments that followed were rather neutral: according to the regulator’s estimations, the current rate value is normal given the current state of the country’s economy and the inflation rate, and the leading indicators say that the economy may improve. In RBA’s opinion, the outlook for the Australian GDP in 2018 may be better than expected.

The RBA’s representatives think that salaries in the country won’t increase quickly despite rather stable labor market. Some employers still have difficulties in finding and hiring highly skilled workers.

Based on this news from the RBA, the Aussie would have traded very quietly if no statistics had been published later. The AIG Manufacturing Index skyrocketed up to 63.1 points in March after being 57.5 points the month before. Every number, which is above psychologically-crucial level of 50 points, shows positive tone. Today’s number is the best since spring 2002 as seven out of eight components showed improvement. The biggest contribution was made by the New Orders (+11.2 to 66.6) and the lowest – the Production Index (+0.3 to 62.2).

RoboMarkets Analytical Department