FX.co ★ The Australian dollar is preparing to conquer new lows

AUD / USD

The Australian dollar continuously declines towards the new low recorded in the past two years: 0.7500 (December 2017), 07328 (May 2017), 0.7159 (December 2016), etc. This happened amid the strategic strengthening of the US dollar, which was considered as the main development plan. Yesterday, the Aussie dropped 10 points due to a 0.36% increase in the dollar index, supported by the slightly optimistic speech of ECB's Mario Draghi after the central bank meeting and the growth of US orders for durable goods (2.6% in March).

This morning, New Zealand's trade balance collapsed in the March estimate of -86 million dollars against the expectation of growth of 270 million, which, albeit slightly affected even the New Zealand dollar itself and blocked the way towards the growth of Pacific currencies. Australia's producer price index in the first quarter increased by 0.5% against the forecast of 0.4%, compared with the previous period growth of 0.6%. Iron ore declined slightly by 0.2%, and copper lost 0.6% in price. Aluminum has risen in price but gold has fallen in price. As a result, the Australian dollar remains in the waiting position before the release of today's US GDP data. The forecast is 2.0%, which can push the currencies of the whole market down. The Australian dollar is waiting at 0.7440.

* The presented market analysis is informative and does not constitute a guide to the transaction.