Here is the AUD USD latest analysis to keep you in touch with what is happening with this pair in the forex market. Updates from June 5 to June 7, 2017 can be seen in the following headlines
ECB to make critical decision, and the effects of the UK elections
The comeback of the US and the UK labor market
Non manufacturing PMI of the ISM within expectations at 56.9
AUD USD recovery as RBA, not worried about growth
Gross Domestic Product beats expectations giving room to AUD USD gains extension.
The focus will be on the latest of them all, which is the analysis of AUD USD on the 7th of June.
AUD USD EXTENDS GAIN AS GDP BEATS EXPECTATIONS:
In the first quarter of 2017, the Australian dollar was doing well enough to grow by 0.3%. Before this growth, it was anticipated that the AUD will grow alright, but it was not expected to grow pass 0.2%. This brings to mind the nature of the forex market; it is good to make analysis and preparations on how to trade the forex market, but in some cases, the market does not trade as expected. It might be completely different from what is expected, lower, or more than expected. There are times when the market trades exactly according to the expectations initiated by the analysis made. In this case, the AUD USD did beat expectation as its growth rate was 1.7% against the anticipated 1.6%.
Regarding the situation, the Reserve Bank of Australia did hint at the GDP growth number being weak. According to the bank, the situation was meant to be a temporal one, and that growth was expected to pick up as soon as possible. From the bank reports, it was discovered that the Australian current account came out more undesirable than was predicted earlier. This brought about the expectation of the GDP number being pushed a bit lower.
The Australian dollar got a hit from the Chinese data, paying no attention to the positive figures. The GDP growth number, as mentioned earlier, appears to be growing weaker than what it used to be in the previous quarters. This can lead to the AUD having a positive influence on the pair.
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