The AUD/USD pair started this week with another growth; the Aussie has moved away from five months’ low pretty far.
The Australian Dollar continues growing against the USD at the beginning of another December week. The current quote for the instrument is 0.7660.
Today’s statistics from Australia showed that the New Motor Vehicle Sales added 0.1% m/m in November, which is quite good, because the indicator didn’t change in October. On YoY, the indicator expanded by 2.1%. Increase in the indicator is usually considered as a growth in consumption. If it is really true, the Aussie will get some additional support soon.
In the morning, the Australian government published the Mid-Year Economic and Fiscal Outlook, which may be considered as quite positive for the Aussie. The report says that the government’s plan to fuel the employment market, improve economic growth, and support small enterprises continues being effective and helps to decrease the pressure that comes from low household spending. The strategy will go on with the same basic parameters.
Long-term expectations of the Australian government haven’t changed much as well. They expect the Balance of Trade to be in the black by 2020-2021. In addition to that, they are planning to eliminate the budget deficit. The indicator has already improved up to 1.3% of the GDP after being 1.6% of the GDP earlier.
Expectations for 2018 are also positive as the year is expected to be the 27th straight year of the economic growth. In 2018, the GPD is expected to expand by 2.5%, in 2019 – by 3%.
Such conclusions made by the country’s government are quite positive for the Aussie.
RoboForex Analytical Department