The AUD/USD pair slumps for the second day in a row that looks quite logical since the previous quick rise.
The Australian dollar is retreating from the peaks of last week, and this is not surprising. Currently the AUD/USD pair is trading around 0.7213 (-0.73%).
The reason for the sales today is quite significant. In the morning statistics on China were released, which did not please the investors and economists. So, in November of this year export parameters fell markedly, the figure was -6.9% m/m and -6.8% y/y. Imports plummeted by 18.8% m/m (-8.7% y/y). Import parameters are falling for thirteen months in a row, and it is not the best indicator of the health of the local economy. The foreign trade surplus of China in November narrowed to $ 54.1 billion against the value of $ 61.64 billion in October.
Weak statistics from China almost always have a strong effect on the mood of Australia - after all, the Celestial Empire is a major trade and economic partner of the Green continent. Plus, the fall in energy prices affected the behavior of the Aussie.
As a result, the picture is quite natural - after climbing to the October peaks, the "Aussie" went into a phase of correction. An expensive currency is unacceptable to the Australian economy now - it is repeatedly said so by the representatives of the Reserve Bank.
RoboForex Analytical Department
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