On Wednesday, the AUD/USD pair is moving upwards; investors are calm before the Fed meeting.
In anticipation of the results of the two-day USA Fed meeting, the market is rather neutral towards the US Dollar and, as a result, other currencies are trading based on the internal statistics. The Australian Dollar has been “climbing” in the pair with the USD for the third day in a row. The current quote for the instrument is 0.7597.
Today’s statistics showed that the Westpac-Melbourne Institute Leading Index in Australia remained unchanged in August. At the same time, the July number was revised from 0.1% to 0.08%. Until recent months, the indicator was below the trend rate, but on a year-on-year basis the Index remains in the plus, which is a good signal for Australia’s economy.
This indicator is used for making predictions, including the one that describes the GDP dynamics. The previous reports let us assume that the annual growth of the Australian economy will be about 3%, because external conditions are estimated as positive, the industrial production is doing fine, and the purchasing power is kept under control.
The market’s attention is switching to the USA fed meeting. It will be over at 9 pm Moscow time, when the regulator announces its decision relation to the interest rate and comments on its future fiscal actions.
RoboForex Analytical Department
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