The Aussie reached stability. Overview for 11.03.2020
After yesterday’s decline, AUDUSD found support.
Yesterday, the Australian Dollar was probably falling way too fast against the USD. Today, it is trying to recover and fix near its lows, which is already quite good. The current quote for the instrument is 0.6505.
The statistics published in the morning showed that the Westpac Consumer Sentiment in Australia dropped down to -3.8% in March after being 2.3% in the previous month. This is a leading indicator, which reflects the country’s economic activity. The report says that the activity is reducing, for obvious reasons.
Spread of the coronavirus around China and other countries in the world is influencing trade and economic relations and incomes of all participants of the global economy, including Australia.
It became known today that Australia decided to appropriate 2.4B USD for the prevention of the spread of COVID-19. According to The Guardian, the country doesn’t allow visitors or travelers from Italy, except in cases of quarantined territories.
The number of infected people in Australia is 100, but taking into account the country’s close relations with China, this number may increase quite fast.
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