AUDUSD is quickly retreating and getting close to its 45-day lows.
The Australian Dollar continues quickly retreating against the USD on Wednesday. The current quote for the instrument is 0.7124.
In the morning, Australia published several interesting macroeconomic reports. For example, the preliminary data on the Manufacturing PMI showed 55.5 points in September after being 53.6 points the month before. The Services PMI increased up to 50.0 points after being 49.0 points over the same period of time. Any improvements in these indices are always a good sign.
The Reserve Bank of Australia decided to keep the key interest rate unchanged at 0.25% during its September meeting, just as expected. Stability in the neighboring countries should have been positively appreciated by Australian investors.
However, a rather confident and positive data couldn’t prevent investors from panic and reduce their demand for “safe haven” assets. Amid quickly increasing numbers of the coronavirus cases around the world, more and more market players are turning to the safe “greenback”, thus making other traded currencies “lose weight” fast.
Compared to how other countries deal with the pandemic, Australia is looking quite well thanks to quick response and total blocking of problem areas, for example in Victoria. However, risks will remain risks.
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.