The Australian Dollar is correcting. Overview for 11.02.2020
AUDUSD is growing for the second consecutive trading session; the virus risk reduction helped the pair to rebound.
On Tuesday, the Australian Dollar is successfully correcting against the USD. The current quote for the instrument is 0.6713.
The statistics published in the morning showed that the NAB Business Confidence improved up to -1 point in January after being -2 points in the previous month. The indicator has been negative since December last year. Values above zero indicate improvement in the market environment and vice versa. So far, it’s not very optimistic.
The Chinese coronavirus risk reduction creates better conditions for risky assets, including the Aussie. The quarantine policy in China was smoothed yesterday and all the people went back to work after the Lunar New Year holidays. It made investors less nervous and allowed risky assets to start corrections.
At the same time, it’s pretty clear that this whole coronavirus drama is not over yet – the frenzy in media died down a little bit, that’s all. Risks of panic sales will remain until the outbreak is not killed completely.
One can’t exclude a possibility that later the Aussie may fall or even plunge in response to any Chinese statistics, which will surely have an influence on the country’s economy due to the virus.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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