A stressful day for the Aussie. Overview for 14.11.2019
On Thursday, AUDUSD is falling influenced by the numbers from Australia and China.
The Australian Dollar is boosting its decline against the USD on Thursday. the current quote for the instrument is 0.6797.
The statistics from Australia published earlier today didn’t impress. The Unemployment Rate went from 5.2% in September to 5.3% in October, although it wasn’t expected to change. The Employment Change showed -19K in October against the expected reading of +16.2K. By the way, the September reading was revised downwards, from 14.7 to 12.5K.
Later, China also published several reports that were quite disappointing. The Chinese statistics are very important for Australia because China is the country’s key trade and economic partner. So, the Industrial Production in China added only 4.7% y/y in October after showing +5.8% y/y the month before. The indicator was expected to fall a little bit (+5.5% y/y), but not as much as it really did.
The Retail Sales expanded only by 7.2% y/y in October after adding 7.8% y/y in the previous month.
Reasons for this decline are pretty obvious: uncertainty with the trade agreement between the USA and China makes both manufacturers and consumers avid any abrupt movements.
On the other hand, the Unemployment Rate improved a bit, 5.1% in October after 5.2% in September. However, this reading couldn’t prevent bears from pushing the pair downwards.
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