The Australian Dollar is not afraid of the virus. Overview for 01.07.2020

AUDUSD is moving upwards on Wednesday afternoon despite some alarming news about the outbreak.

The Australian Dollar is slowly rising against the USD in the middle of the week. The current quote for the instrument is 0.6916.

Australia is rescheduling the opening of its borders by introducing new restrictions within the country. For example, South Australia is sealing its borders due to the outbreak in Victoria. The number of new COVID-19 cases has growт to an unhealthy degree over the last couple of days and that’s a reason for concern.

Of course, the numbers of infected people in Australia are far cry from the USA or China. In the state of Victoria, there are 75 cases so far and that’s rather high. Nevertheless, the number is increasing and requires some measures. 

The statistics published in the morning showed that the AIG Manufacturing Index increased up to 51.5 points in June after being 41.6 points in May. Any reading that is higher than a psychologically-crucial level of 50 points indicates an improvement. In this case, the dynamics can be seen quite easily and that prevents the Aussie from the influence of other catalysts.