The Aussie is being pulled down. Overview for 12.08.2020
AUDUSD is falling on Wednesday; the statistics didn’t impress investors.
The Australian Dollar is retreating against the USD in the middle of the week. The current quote for the instrument is 0.7113.
The Westpac Consumer Sentiment dropped to -9.5% in August after being -6.1% in the previous month. The indicator’s being negative is not a rare case – last September and October, it was also below zero, then recovered, and then retreated again in December. This report is some kind of a leading indicator for consumer spending and may be considered as a reflection of the economic activity in the country.
It’s clearly seen that the Australian economy is recovering rather slowly with constant pullbacks despite much fewer coronavirus cases. Yesterday, the country already reported on the NAB Business Confidence, which also was pretty weak.
On Thursday, Australia will report on employment. The Unemployment Rate is expected to go from 7.4% in June to 7.8% in July. The lower the reading – the worse for the Aussie. Another report that may influence the national currency is the Employment Change.
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