The Australian Dollar is still trading in the narrow range. Overview for 12.04.2017

The AUD/USD pair isn’t responding to the Chinese statistics published in the morning; the Aussie is staying at its five weeks’ low.

On Wednesday morning, the Australian Dollar a trading a little bit to the upside against the USD. The current quote for the instrument is 0.7502; it is still moving close to its five weeks’ “bottom”.

The Westpac Consumer Sentiment in Australia lost 0.7% in April after adding 0.1% the month before. This may indicate a possible decrease of consumer spending in the future, but overall sentiments are still pretty positive.

This week, the economic calendar has a lot of reports from China. The CPI expanded by 0.9% y/y in March after adding 0.8% y/y in the previous month and against the expected reading of 1.1% y/y. On MoM, the indicator decreased by 0.3% after losing 0.2% in February.

After the Lunar New Year celebrations were over in China, the cost of food products and other consumer goods flattened out, thus influencing the inflation parameters.

The Chinese PPI added only 7.6% y/y in March, and although it’s better than the expected reading, it’s still worse than the February number. 

As usual, the Chinese statistics are very important for Australia, because China is the country’s key trade and economic partner.

RoboForex Analytical Department