AUD has started a correction. Overview for 17.07.2023
The Australian dollar is correcting against the US dollar after rising in July. The current AUDUSD quote is 0.6808.
The Australian dollar earlier hit a new high on 16 June this year, following which the market moved towards a correction.
Today’s statistics from China turned out to be mixed. The only report that exceeded the forecasts was an industrial production release for June. The indicator showed an increase of 4.4% y/y against the previous rise of 3.5% y/y. Other data came out inconsistent.
China’s GDP increased by 6.3% based on the Q2 2023 results, which is not bad compared to the previous reading of 4.5%. However, it was expected to grow by 7.1%. The volume of fixed asset investment was up 3.8% y/y, which is less than in May.
Retail sales in June returned to normal following a surge in May, while the unemployment rate remained unchanged at 5.2%.
Strong statistics from China usually provide support for AUD positions as China is considered Australia’s primary trading and economic partner. However, today’s reports are rather neutral: China is solving its internal problems but is doing it without haste.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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