Analysis AUD/USD. The Aussie is going down

aud_newsAUDUSD is moving away from its highs – investors are locking in profits.

The Australian Dollar is falling against the USD on Tuesday afternoon. The current quote for the instrument is 0.7526.

Earlier this morning, China, Australia’s key trade and economic partner, published several important macroeconomic reports. For example, the Industrial Production added 7.0% y/y in November, the same as expected. Another report, the Retail Sales, showed +5.0% y/y, which is a bit worse than the predicted reading, while the Unemployment Rate was 5.2% in the same month, lower than in October.

At the same time, the Foreign Direct Investment was 6.3% ytd/y in November, which is quite good. The Fixed Asset Investment showed +2.6% ytd/y in October after being +1.8% ytd/y the month before.

Strong (unproblematic at least) numbers from China are a good signal for Australia and may indicate that trade relations between the two countries may get back to normal real soon now. First of all, Australia is interested in exporting coal, of course.
As a matter of fact, it’s about time for the Aussie to correct because the asset is moving close to its two-year highs, thus complicating Australian exporters’ lives pretty much.

Orgin: RoboForex

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