On Wednesday afternoon, AUDUSD is trading upwards; it seems like the pair is reversing.
The Australia Dollar is rising against the USD on Wednesday. The current quote for the instrument is 0.7108.
According to the statistics published today, the Westpac Consumer Sentiment in Australia added 1% (now it’s 101.5 points) in October after losing 3% the month before. In the comments, the Westpac said that the index had reached stability thanks to strong economic growth, a solid labor market, and ongoing recoveries in the previously weak mining states.
At the same time, the Westpac believes that the risks in housing prices and interest rates are still quite high.
The gauge of family finances compared to a year ago went up solidly by 2.6% (better than last year) and the outlook for the next 12 months increased 2.3%. Still, more long-term expectations remain rather cautious.
The current recovery of the Aussie is based not only on the statistics, but also on the temporary weakness of the USD, which has been very sensitive to the American bonds profitability growth recently. At the moment, it stopped increasing and the USD slowed down its strengthening, that’s why the Australian currency has a chance a recover a bit. Nevertheless, in the long-term AUDUSD is still trading inside the downtrend.
Orgin: RoboForex
