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Home / Analytics / Forex analysis & forecasts / Forex Fundamental analysis / The Australian Dollar is “clinging” to the support. Overview for 12.10.2016
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The Australian Dollar is “clinging” to the support. Overview for 12.10.2016

On Wednesday, the AUD/USD pair got stabilized and stopped getting weaker after a positive report from Westpac.

The Australian Dollar is regaining its position in the pair with the USD on Wednesday. The current quote for the instrument is 0.7579.

Yesterday’s sales pushed the pair closer to the lows of the middle September, but today the market’s sentiments are different. According to the statistics published in the middle of the week, Westpac Consumer Sentiment in Australia in October added 1.1% after 0.3% the month before. The average number for the last six months is 4.9%, which is more than for the similar period last year.  

The improvement of the indicator means that the population’s confidence in the Australian economy and the RBA’s monetary policy is growing. I remind you that the Governor of the Central Bank was replaced not long time ago, but the main direction of the regulator’s monetary policy remained unchanged.

The better the number of the report are, the more support the Aussie gets. This principle is working well today, despite the minutes of the latest meeting of the USA Fed to be published later in the afternoon. The interest to this document is very strong, especially after the comments made yesterday by the Fed’s representative, Mr. Evans, about reliability and strength of the American economy. Expectations that the Fed might increase the rate in December are rising, and later they may count against the Aussie.   
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