On Thursday morning, AUDUSD started a new correction after skyrocketing the night before.
The Aussie is falling a bit against the USD on Thursday. The current quote for the instrument is 0.7162.
The Australian Dollar skyrocketed yesterday mostly due to the USD weakness. After the US Federal Reserve published its Meeting Minutes saying most policymakers were sure that rates wouldn’t be raised this year, the USD got under pressure and allowed other traded currencies to get stronger.
In the morning, China reported on the Inflation Rate in March. The indicator added 2.4% y/y, the same as expected and better than in February, +1.5% y/y. The PPI in China also expanded according to market expectations, +0.4% y/y, after losing 0.1% y/y in the previous month.
Improvement of the inflation probably indicates incentive of local manufacturers, retails sales, and more active consumers. It seems like China did not waste any time and spurred its economy while negotiating with the USA.
Nevertheless, the Australian Dollar didn’t respond to these numbers. Most likely, the current decline of the Aussie may be considered as a slight correction after yesterday’s explosive growth.