The AUD/USD pair is trading to the upside on Monday morning; investors paid no attention to the Chinese statistics.
On Monday morning, the Australian Dollar is getting more expensive against the USD. The current quote for the instrument is 0.7610.
This morning, China reported on the June reading of the CPI. The inflation growth hasn’t changed since May and remained at 1.5% y/y, although it was predicted to add 1.6% y/y. On MoM, the indicator lost 0.2%, which is worse than expected.
The components of the report showed that the major contribution to the decline was made by the cost of food, which lost 1.0% m/m. At the same time, the cost of non-food products expanded by 2.2% m/m.
The Chinese PPI increased by 5.5% y/y in June and matched the expected reading. As always, the statistics from China is very important for the Aussie, because China remains Australia’s most important trade and economic partner.
Nevertheless, the Australian Dollar didn’t find anything critical in the Chinese reports and is attempting to break the sideways channel, inside which it was moving the last week.
RoboForex Analytical Department