After updating its 11-month highs, AUDUSD started a correction.
The Australian Dollar is looking strong and confident against the USD but now it’s time to correct. The current quote for the instrument is 0.6931.
The Aussie stopped rallying because it got too high. So, now it’s time for a proper correction so that the pair could resume its confident upwards movement a bit later.
The statistics published in the morning showed that the NAB Business Confidence skyrocketed up to -20 points in May after being -45 points the month before. Business is slowly coming back to life and really counting on consumers. As soon as the country’s population gets back to its daily routine, the indicator will recover much more.
This week, Australia will report on the Westpac Consumer Sentiment. Apart from this, there will be no important statistics. It means that the Aussie will have to look at global market sentiment and foreign news.
Australia, just like New Zealand, managed to take control over the coronavirus outbreak pretty quickly due to a comprehensive set of measures. This is the reason why the pandemic didn’t have so negative influence on the country’s economy as in other countries.