The AUD/USD pair has been moving to the upside for the second consecutive trading session; the statistics provides support.
The Australian Dollar is growing against the USD on Wednesday. The current quote for the instrument is 0.7786.
The Westpac Consumer Confidence Index increased by 3.6% up to 101.4 points in October after being 97.9 points in September. The Westpac reports shows that the consumer confidence is improving as long as the global economy growth rate is recovering. In this case, the psychologically-crucial level is 100: if the index is above 100 points, optimists outweigh pessimists. As one can see, the level has been broken and the indicator has reached the year’s highs, which is very good for the Aussie rate.
On the other hand, there are risks as well. For instance, the RBA’s key rate or the real estate market. However, these risks may be easily eliminated by consumer confidence together with string statistics on the employment market.
Investors are evaluating the statistics today. Apart from this, they are following the events in the USA, where there are rumors that Donald Trump’s tax scheme may be rejected. In this light, the demand for the American currency is falling, because the events may have a negative impact on the capital markets.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.