The Australian Dollar is rising. Overview for 21.08.2019

On Wednesday, AUDUSD continues moving upwards, although not too fast.

The Aussie is slowly growing against the USD on Wednesday afternoon. The current quote for the instrument is 0.6788.

Today’s numbers showed that the Australian MI Leading Index added 0.1% m/m in June after losing the same amount in the previous month. The last time the indicator was positive was in February 2019, but it was just once. On YoY, the indicator added 0.05%, thus signaling that the Australian economy may revive a bit. 

The key contribution was made by the real estate sector, which improved quite well. 

In the future, the country’s economy may be supported by both rate cuts and reduction of the tax burden. Investors are expecting the Reserve Bank of Australia to cut the rate as early as at its October meeting. In this case, Australia may follow the global trend. 

Right now, the Aussie is supported by both statistics and global correction in favor of risky assets.