The Australian Dollar opened the week steadily. Overview for 06.03.2017

The AUD/USD pair is moving a little bit upwards on Monday being influenced by some mixed statistics.

On Monday morning, the Australian Dollar is growing against the USD, but investors aren’t very active. The current quote for the instrument is 0.7587.

The Retail Sales in Australia in January expanded by 0.4% m/m (the same as expected) after losing 0.1% m/m in the previous month. Market players didn’t respond to the fact that the reading matched expectations. A positive reading of one of the most important macroeconomic indicators is certainly a good sign for the Aussie, but the market still remembers the RBA’s comment relating to the cost loading of Households. Still no increase of income in this matter, which means that one shouldn’t expect the national economy to grow significantly in the nearest future.

On Tuesday morning, there will be another meeting of the Reserve Bank of Australia. The interest rate is expected to remain unchanged, at 1.5%. Usually, the market is very sensitive to the regulator’s comments concerning the inflation, the labor market, and exports.

It’s highly likely that expectations of the tomorrow meeting’s result are what is keeping the AUD/USD pair inside the current narrow trading range. Today, the economic calendar has no important statistics from the USA, that’s why the Aussie may yet remain close to the current levels.

RoboForex Analytical Department