The Aussie is skyrocketing. Overview for 27.10.2021

AUDUSD is rising and ready to update its local highs.

The Australian Dollar is steadily growing against the USD. The current quote for the instrument is 0.7527.

The statistics published today showed that the Australian CPI was 0.8% q/q in the third quarter, the same as expected. On YoY, the indicator showed 3.1%, which is below market expectations.

It’s rather unusual: basically, the world is fighting inflation boosts and deflation can be seen only in some particular countries, where it’s some kind of chronic disease of local economies. As for Australia, a stable monetary policy and the state’s consistent work with the labour market really pay off.

At the same time, one shouldn’t disregard the possibility of the economic slump in China, which, despite all issues of the last 18 months, remains Australia’s key trade and economic partner. There are a lot of talks on the global market right now relating to a possible slowdown in the Chinese GDP and that’s may have a serious influence on the Australian economy later.

Nevertheless, right now the AUD rate is quite bullish despite the fact that the USD is also pretty strong. We can even say that the current bullish impulse in the Aussie may get stronger and the instrument is on the way to updating its highs.