AUDUSD intends to keep its positive momentum but obviously requires some positive reasons for that.
The Australian Dollar is looking pretty stable against the USD on Wednesday afternoon. The current quote for the instrument is 0.7828.
The statistics published today showed that the Australian GDP was 3.1% q/q in the fourth quarter of 2020, thus continuing its positive momentum started in the quarter before. The actual reading turned out to be better than expected, 2.5% q/q. The last time the GDP improved by over 3% for two quarters in a row was almost 60 years ago.
The statistics confirm that the government’s plan to help the country’s economy to recover after the coronavirus pandemic is working after all.
The Australian Department of the Treasury believes that the economy has already recovered up to 85% of its pre-crisis level, and that’s a very good result.
Relaxation of anti-pandemic restrictions allowed to increase household and consumer spending. In the fourth quarter, the household spending added 4.3% q/q mostly due to city’s day-to-day activities in the Victoria state. The private investment sector is also looking quite positing after reviving at the end of 2020.
Needless to say that these signals are very positive for the Aussie.
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.