The Aussie improved. Overview for 11.08.2022
AUDUSD rose as the “greenback” loosened its grip.
The Australian Dollar is slowly correcting against the USD on Thursday after skyrocketing the day before. The current quote for the instrument is 0.7095.
The statistics published earlier showed that NAB Business Confidence in Australia rose to 7 points in July after being 2 points in June. It’s good news: business activity is looking stable despite the regulator’s rate hikes, and enterprises are finding ways to continue developing.
Yesterday, Chinese authorities said that they weren’t conducting any talks with the Australian government for the purpose of restoring trade and economic relations. However, the country was open to an idea to begin a dialogue. Relations between the countries were damaged pretty much earlier due to tough stances of both parties. Nevertheless, China remains Australia’s key trade and economic partner.
Yesterday’s growth in the AUD can be easily explained – the American currency weakened after the US reported on the CPI. Inflation dropped and it might be a signal that the US Fed won’t be aggressive during its next meeting. The “greenback” lost much support, allowing other traded currencies to recover.
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