The Aussie doesn’t quit so easily. Overview for 02.06.2022

AUDUSD doesn’t care about global risk aversion and continues holding its position.

The Australian Dollar doesn’t pay attention to the external pressure against the USD on Thursday. The current quote for the instrument is 0.7184.

The Aussie is looking quite strong against the USD, which is now attacking on all fronts, but its chances to keep the momentum are rather low. If the global risk aversion becomes a tendency and the demand for the “safe haven” USD rises, the Aussie will have to retreat.

Today’s statistics showed that the Retail Sales in the country gained 0.9% m/m in April, the same as expected. It’s good news: consumers are feeling well even when the CPI is rallying.

The Trade Balance expanded in April up to A$10.495B, mostly due to the exports, which gained 1.0%. On the other hand, the Import lost 1.0% after reducing by 5.0% in March. The reasons for this are lockdowns in China and fluctuations in rates. China remains Australia’s key trade and economic partner and everything that is happening there is very important for the Aussie and the Australian economy.

This week, there will be no more statistics from the green continent – investors will keep an eye on the USD, that’s why the AUD may be rather vulnerable.