The AUD/USD fair stopped falling thanks to the Chinese statistics.
The Australian Dollar got stabilized against the USD. The current quote for the instrument is 0.7368.
The Chinese statistics on the inflation supported the Aussie. China is considered as Australia’s major trade and economic partner, that’s why any positive news from this country is taken positively.
So, the Inflation Rate in China added 1.2% y/y in April against 0.9% y/y in the previous month and the expected reading of 1.1% y/y. On MoM, the indicator increased by 0.1% after losing 0.3% in March. Most of all, the growth of the indicator was supported by non-food products.
At the same time, China reported on the PPI. In April, the indicator expanded by 6.4% y/y after adding 7.6% y/y in March and against the expected reading of 6.8% y/y. This number was take pretty neutral.
The Aussie had been falling since the beginning of May. Starting May 2nd, when investors started selling the AUD/USD pair, it has already lost 3% and returned to the lows of January 2017. Overall, the decline of the pair may yet continue falling with great probability.
RoboForex Analytical Department