AUD remains affected. 0verview for 06.03.2023
The Australian dollar vs the aUs Dollar is balancing under much pressure, trying to stabilise all the time. The current quote is 0.6757.
This morning, China has announced that in 2023 its GDP will grow by some 5%. This is quite a modest increase, especially compared to some market estimations of 5.5%. Investors think that Beijing has deliberately set such a low target to reach it anyway.
On the one hand, such signals decrease the probability of new stimulation measures. In 2022, the Chinese economy grew by 3%, and this year it will grow by 5%, isn't it a positive trend? On the other hand, the Chinese real estate market is still correcting, and export is complicated. These factors taken together may lead to a worse GDP result than expected.
For Aussie, such signals from China are also a negative driver. Beijing remains one of the key trade and economic partner of Australia, so any dubious news is interpreted as a potential problem.
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