The Australian dollar in pair with the US dollar is restoring its positions for the second day in a row after a decline at the beginning of the week. The current quotations of AUDUSD is 0.7373.
The currency market is now craving for risks and uses all the chances to play on them carefully, while the US dollar is strategically weak. This helps all currencies to restore, including the AUD.
The morning statistics shows that in the 3rd quarter, the Australian GDP grew by 3.3% q/q after a decline by 7.0% in the 2nd quarter. The forecasts promised growth by 2.5%, so the results can be interpreted as positive.
The acutest problem for Australia is the state of its labor market: with all the Australian experience in diversifying economy, it is virtually impossible to find employment quickly for those who lost their jobs. It needs time. The government and RBA realize that sooner or later the employment sector will stabilize, but this still remains a national problem. We can say that without a balanced employment sector, Australia will fail at securing the results it has reached and developing the impulse inside the economy.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.