The Australian Dollar can’t decide where to move. Overview for 06.09.2017

After rising yesterday, the AUD/USD is falling a little bit on Wednesday afternoon, but it may yet reverse to move upwards.

In the middle of the week, the Australian Dollar is under pressure against the USD. the current quote for the instrument is 0.7985.

Today, Australia reported on the GDP in the second quarter and the readings were good. The country’s economy expanded by 0.8% q/q, thus matching expectations. The economy growth is recovering pretty well after the disastrous first quarter, when the indicator added only 0.3% q/q.

On YoY, the GDP increased by 1.8%, which is also better than the quarter before.

The main catalysts of this growth were commodity prices along with more positive sentiment of companies and enterprises. By the way, the GDP growth could have been even stronger if it wasn’t for the trade sector. Trading processes conditions lost 6.0% q/q, but added 14.9% y/y. The domestic spending expanded by 1.0% q/q in the second quarter. Of course, it could have been better given the current market conditions, which are quite positive, but it’s still very good.

In general, the Australian GDP report is considered as positive. Nevertheless, the Aussie didn’t respond to it, because right now the AUD/USD pair is being corrected inside the mid-term ascending channel.

RoboForex Analytical Department