The Australian Dollar is growing a little bit. Overview for 09.02.2017

The AUD/USD pair is moving to the upside on Thursday, but there aren’t many factors that can support the Aussie.

The Australian Dollar finally escaped the pressure from the USD. The current quote for the instrument is 0.7643.

The statistics published today showed that the HIA New Home Sales in Australia in December 2016 expanded by merely 0.2% m/m after adding 6.1% m/m in November. The indicator had been growing for two previous months – in October it was quite weak, skyrocketed in November, and in December also moved upwards, but, probably, lost its momentum. The New Apartment Sales remained dynamic. The positive fact is that the December reading might be considered as a correction of the previous report, which was quote strong, but not as a return to the negative zone. This brings us to a possibility that the tendency may continue in January.

However, it wasn’t this report that supported the Aussie today. Investors were positive in their response to the comments of the RBA Governor, Mr. Lowe, who emphasized that the country’s GDP would expand by 3% in the next couple of years. According to his opinion, the Australian economy would start its improvement even in the fourth quarter this year (earlier it had been said during the RBA meeting); the regulator was expecting the increase in the number of new jobs. As for foreign economic relations, they said that the foreign trade numbers were decreasing and that international trade agreements provided developed economy countries with some particular level of freedom.  

Market players found Lowe’s opinion positive once the Aussie grew against the USD. However, this euphoria is likely to be temporary.

RoboForex Analytical Department