At the last week of February, Australian dollar vs US dollar keeps trading in an impulse of growth. The current quotations is 0.7876.
The AUD has several supporting factors: commodities and metals keep growing, while the market is hoping for the recuperation of the global economy. All this is vital for the AUD rate. Moreover, last week, China returned from its New-Year holidays, and the hopes that this week China will, indeed, become the locomotive of economic restoration, became ever so active. The substantial Chinese GDP is serious support for Australia, for which China is the main economic and trading partner, regardless of the latest scandals.
Nonetheless, the recent Australian statistics turned out to be not too positive. For example, the preliminary PMI for February in industry dropped to 56.6 points from 57.2. Meanwhile, the prelim PMI in services declined to 54.1 from 55.6.
This week, Australia is publishing the trade balance, while investors will keep an eye on the attitude of the global market to risk. The current situation is more than good for the AUD.
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.