The Australian Dollar is looking up. Overview for 02.09.2021

AUDUSD is forming a rising impulse based on good statistics. 

The Aussie is growing against the USD on Thursday. The current quote for the instrument is 0.7375.

The statistics published yesterday showed that the Australian GDP added 0.7% q/q in the second quarter, which is better than the expected reading of 0.5% q/q. On YoY, the indicator showed 9.6% against the expected reading of 9.2%. Of course, here one shouldn’t forget about the low-base effect of 2020.

The comments to the report say that the Australian economy is supported by the gradual removal of the pandemic-related restrictions and the recovery of the country’s labour sector. At the same time, there is an impression that the ongoing lockdown hasn’t had any significant influence either on the Australian economy or the economic activity in general.

After restrictions are removed completely, the country’s economy is expected to improve much faster.

At the end of the second quarter of 2021, the Australian GDP was 1.6% better than before the pandemic. 

Another thing that supports the Aussie right now is a global weakening of the “greenback”.