On Tuesday morning, the AUD/USD pair is growing after the release of good statistics and a neutral RBA decision.
This morning the Australian dollar is feeling well. The AUD/USD pair is trading near the 0.7370 mark, recovering from multi-week lows. Apparently, it's just a rebound, because in the long run new falls can not be excluded. Today, however, the fate is on the side of the Aussie.
According to morning statistics, in June retail sales in Australia rose by 0.7%, exceeding the forecast of 0.5%. May statistics were revised with improvement to 0.4% from 0.3%. The current data is the most positive in 2015. The trade deficit in June widened to $ 2.93 billion Australian dollars against 2.68 billion a month earlier. Despite the fact that the average market growth forecast assumes that much greater expansion of the deficit is an unpleasant signal. In the components of the report it is clear that exports in June rose by 3%, while imports rose by 4%. It turns out that all the import indicators are stronger than export figures, which affects the parameters of the budget.
Australia as a trading partner is still quite a weak player, against the backdrop of the downturn in macroeconomic indicators in China, as well as against the background of low demand for energy in the world. The output of coal is kept at average levels. Earlier, the Aussie traded near a six-year low, and today marginally recovered, but it seems that this is a temporary observation. According to calculations from the RBA, the AUD should be even cheaper.
At this meeting, the Reserve Bank of Australia left interest rates unchanged - it is staying at 2%, as expected. In comments the head of the RBA, Mr. Stevens said that low interest rates can harm the economy - for example, "spurring" growth in property prices.
RoboForex Analytical Department