The Australian Dollar got misplaced. Overview for 18.06.2020
AUDUSD is trading calmly on Thursday; investors are analyzing the statistics.
The Australian Dollar is barely moving against the USD on Thursday afternoon – market players are saving strengths for the future. The current quote for the instrument is 0.6875.
The statistics published by Australia in the morning showed that the Unemployment Rate went from 6.4% in April to 7.1% in May. Market expectations implied 6.9%.
In addition to that, the Australian economy lost 277.7K jobs in May, both part-time and full-time.
The numbers are already including the seasonal factor, that’s why they are looking quite accurate.
All this cannot but influence the country’s economy. The second quarter is highly likely to be disastrous for Australia and the GDP growth rate may completely recover in at least 12-18 months.
The Aussie is very sensitive to external news. At the moment, market players are closely monitoring reports on new cases of the coronavirus outbreak, mostly in the USA and China. If the second wave of the pandemic starts, it is expected to start in these two countries. China has always been Australia’s key trade-economic partner, so what’s bad for China’s economy is bad for Australia as well.
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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