Article By RoboForex.com
In the middle of the week, AUDUSD stopped falling, but “bulls” remain cautious and are in no rush to become more active.
The Australian Dollar stopped its decline against the USD on Wednesday. The current quote for the instrument is 0.7173.
Basically, the Aussie really have reasons to move. In the morning, the country reported on the GDP in the second quarter 2018 and it turned out to be quite good. The indicator added 0.9% q/q after expanding by 1.1% q/q the quarter before. However, the expected reading was only 0.7% q/q, that’s why the actual one is not so bad at all. On YoY, the country’s economy increased by 3.4%, which is better than earlier this year.
On one hand, the fact that the reading was better than expected is a good thing. On the other hand, the GDP lost its momentum by the end of the second quarter, thus making further forecasts even more subtle. The components of the report show that one of the largest contribution to the GDP growth came from the household consumption, which is a troublesome area in the Australian economy. On the contrary, trade conditions got worse.
Among positive things, one should pay attention to improvements in the net exports and wages. In addition to that, investments in new homes also look good () (+3.6%).
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Still, the Aussie is still being pressured by the American currency. The US Congress is back to working after vacations today and investors are afraid that lawmakers may start this political year with some tough sells.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
