The Australian Dollar stopped falling. Overview for 16.08.2017

16.08.2017

The AUD/USD pair got stabilized on Wednesday morning; the USD stopped rising.

The Australian Dollar stopped falling against the USD. The current quote for the instrument is 0.7833. this week’s low is at 0.7808.

The demand for the USD got weaker this morning. Yesterday’s report on the Retail Sales was included in prices and investors were back to their previous trading plans. It means that the wave of traded currencies sales decreased.

This morning, the Melbourne institute reported on the Westpac Leading Index, which added 0.1% m/m in July, thus compensating the previous month, when the indicator lost the same number. In general, there is no dynamics here, only slow movements around zero. On YoY, the indicator increased from -0.5% (the June reading) to -0.1%. Usually, the Leading Index shows the signs of the economy growth. At the moment, such signs exist, but they’re rather weak.

However, it’s highly unlikely that this secondary statistics is what supports the Aussie right now. It seems that the AUD/USD pair is moving “a contrario” – the Australian Dollar is getting more stable as the demand for the USD is decreasing.

The Aussie will have another reasons for movement until the end of the week. On Thursday, Australia will report on the labor market in July. The sector is expected to improve significantly.

 

RoboForex Analytical Department

 

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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.