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  3. The Australian Dollar is looking upwards. Overview for 10.07.2018

The Australian Dollar is looking upwards. Overview for 10.07.2018

10.07.2018

AUDUSD is staying positive; the Aussie was supported by the statistics from China.

On Tuesday morning, the Australian Dollar is slowly growing against the USD. The current quote for the instrument is 0.7461.

The Chinese statistics published in the morning supported the Australian currency. China is Australia’s major trade and economic partner, that’s why numbers from China are very important for the Aussie. The Inflation Rate increased up to 1.9% y/y after being 1.8% y/y the month before. On MoM, the indicator lost 0.1%. The components of the report show that prices in the countryside increased more than in towns/cities. The major contribution to the growth was made by services and non-food goods.

The PPI expanded up to 4.7$ y/y, which is much better than it was in May.

The NAB Business Confidence decreased up to 6 points in June after being 7 points in the previous month. At the same time, the Business Conditions remained unchanged at 15 points. According to the NAB estimations, the situation is quite okay and conditions are pretty favorable for most of the country’s industries. Manufacturing, construction, wholesale and financial, property & business service were among the most successful areas. The mining industry, transport & utilities, recreational & personal services were the opposite.

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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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