The Australian Dollar is looking for a reason to continue its growth. Overview for 23.06.2020

On Tuesday morning, AUDUSD is moving rather slowly but trying to keep the positive momentum. 

The Australian Dollar improved quite well against the USD yesterday and seems to keep the momentum. The current quote for the instrument is 0.6910.

The statistics published in the morning showed that the Manufacturing PMI recovered up to 49.8 points in June after being 44.0 points the month before. The Services PMI skyrocketed up to 53.2 points against the 26.9 points over the same period of time. the later indicator, even seasonally adjusted, is recovering very quickly and that’s an excellent signal. 

For Australia, the most important thing is the economic and financial stability of its key trade and economic partner, China. However, numbers from China are rather mixed. For example, the Conference Board Leading Index decreased by 0.9% m/m down to 148.1 points in May. In April, the indicator also fell; March was the last month it moved upwards. 

The index is average-weighted and calculated based on several macroeconomic indicators. Economists consider it an economic development strategy for the next 6 months: if the index is negative for three consecutive months, a global economic slump should be expected.