On Thursday afternoon, the AUD/USD pair is trading on the upside after yesterday’s pause - but the evening will be turbulent.
The Australian dollar seems to be in full use of the current lull in the currency market. The current quote in the AUD/USD pair is 0.7312; the Aussie is growing.
The published morning statistics showed that Australia's trade balance at the end of October amounted to A $ 3.3 billion against September values of A $ 2.4 billion. The deficit of the trade balance is clearly expanding, and it is not very good, especially since the October figure came out even worse than expected.
Imports into Australia in the reporting month amounted to zero, while export parameters slipped to -3%. Also not the most pleasant details. Exports are usually taken as the key indicator of economic growth in the country - in this case, there is a narrowing. The wider trade deficit is worse for the national currency.
But today, few look closely at the statistics. Ahead are too many events and data to be exchanged for such - relatively speaking - little things. Today the European Central Bank is having a meeting, and it is expected to expand the program to stimulate the economy in the Eurozone. This will put pressure on the euro and strengthened the dollar due to the emotions on the market, because fundamentally this is probably already priced into the major currency pairs.
In this light, in the late afternoon the Aussie may fall.
RoboForex Analytical Department
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