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Australian dollar is trying to recover


10 August 2021

The Australian dollar in pair with the US dollar is looking for a foothold for a recovery after sales previously. Currency quotations are 0.7333. Morning statistics turned out to be disappointing: the Australian BCI in July fell to -8 points from 11 points before. This can easily be a negative reaction to the local worsening of the coronavirus situation in Asia and to a certain slow-down of the economic impulse in China. This country has always been the main trade and economic partner of Australia, regardless of some problems and obstacles. Hence, all of its news is important for the Aussie.

The Reserve Bank of Australia revised the service export forecast for worse. According to new expectations, the index will remain low and start growing in the mid-2022 only. This is when international borders are supposed to open.

The growth of the agricultural sector is going to be stable because the global demand conditions are getting better, while good whether will facilitate animal breeding and grain export.

#source

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