The Aussie intends to rise. Overview for 10.02.2021
AUDUSD is keeping its positive momentum and planning to go higher.
The Australian Dollar is rising against the “greenback” on Wednesday morning. The current quote for the instrument is 0.7737.
The statistics published by Australia yesterday were pretty good. The NAB Business Confidence went up to 10 points in January after being 5 points the month before. Signals that businesses are ready to emerge and get back to normal are very important for the country’s economic outlook.
The Westpac Consumer Sentiment showed 1.9% in February after being -4.5% in January. This slight improvement is also quite favorable for the Australian economy. Of course, all these “rays of hope” require confirmation but they are still pretty good.
The key positive factor for the Aussie right now is the “greenback” behavior, which is now correcting after completing a bullish rally. Market players are keeping a close on Joe Biden’s office, which is working on approval of an additional stimulus package for the American economy. Everything is going well – the final draft of the plan has to go through all stages of approval and voting before being passed but the situation is quite stable.