AUDUSD decided to pause its short-term growth; right now, it is correcting.
The Australian Dollar is correcting against the USD on Wednesday. The current quote for the instrument is 0.6367.
One can’t say that there appeared some new catalysts or game-changers. Probably, investors decided that the time had come for correcting their positions.
The morning statistics from Australia showed that the Westpac Consumer Sentiment dropped to -17.7 points in April after being -3.8 points in the previous month. This is another confirmation of a slowdown in the country’s economic and financial activities: as long as the coronavirus pandemic is torturing global economies, consumers prefer to save money.
In general, it’s clearly seen that investors are very cautious in switching to risks and today’s pause confirms it.
No one can be sure that the coronavirus outbreak may slow down anytime soon, that’s why the global economy is now far from reaching stability. This act fundamentally pressures currencies of developing countries and the key traded currencies.