AUD has renewed a local high. Overview for 10.05.2023
The Australian dollar against the US dollar maintains a growth momentum. The current quote is 0.6766.
The statistics from yesterday showed that retail sales in Australia increased by 0.4% m/m as expected. The business sentiment index in April rose slightly to 0 points from -1 point previously.
Firstly, the AUD is finding a foothold in the weakness of the USD and is recovering successfully. There is still potential here. Secondly, a big block of Chinese statistics is due this week, and the AUD can find good support here as well.
China has already presented its trade balance information for March, with the index showing an increase both in the national currency and the USD. This is a good sign. China is Australia’s main trade and economic partner, which is why positive news in its economy is important.
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