The AUD/USD pair is growing in the middle of the week and moving away from its local “bottom”.
The Australian Dollar is feeling well on Wednesday afternoon. The Aussie has been moving away from June’s low for the third day in a row, and so far, everything is fine. The current quote for the AUD/USD pair is 0.7416; the low was at 0.7308.
In the words of Mr. Kent, the RBA representative, Australia has a high potential of the economy growth and real prospects for development. In his opinion, the unemployment rate during the next several months will decrease due to a strong momentum inside the country’s economy. According to Kent’s calculations, the inflation will fall in the short-term, but later may fix at the levels close to the target.
Moody’s rating agency published its vision of Australia’s economy for 2017. It’s rather neutral and assumes stability of all leading sectors of the country’s economic system. The average growth of the GDP is expected to be 3.0% next year. Balances of major companies are mostly favorable and they don’t require any special refinancing conditions.
This morning, Australia published only secondary statistics, the Construction Work Done over the third quarter. The indicator lost 4.9% q/q against expectations of 1.7% q/q. At the same time, the indicator for the second quarter was revised for the better. However, markets hardly responded to this.
RoboForex Analytical Department
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