The Aussie is being pulled down. Overview for 01.02.2021
AUDUSD is slightly growing early in February but remains weak fundamentally.
The Australian dollar is trying to recover at least a little bit against the USD but it won’t be efficient without a good catalyst. The current quote for the instrument is 0.7651.
This week, Australia is scheduled to report on a lot of important macroeconomic indicators, which may significantly influence the national currency’s direction. It will be tough to fight the pressure from the “greenback” but the Aussie deserves a shot at it at least.
Earlier this morning, Australia published the AIG Manufacturing Index report for December, which showed 55.3 points after being 52.1 points the month before. It’s a quite significant improvement given Australia, just like many other export-oriented manufacturers, is constantly facing low consumer demand.
On Tuesday, the Reserve Bank of Australia will have another meeting, which is expected to be calm and quiet, in theory. The regulator is still assessing the economic climate and the health of the labor market before making any important decisions. The benchmark rate is highly likely to remain unchanged at 0.10%. The comments that will follow the meeting may contain the regulator’s estimations of the employment sector, as well as information about trade and economic relations with China, Australia’s key partner.
The more neutral the meeting results, the better for the Aussie.