The Australian Dollar continues rising. Overview for 10.04.2020
On Friday, AUDUSD is trying to keep its positive momentum; the Aussie has recovered to its four-week highs.
The Australian Dollar intends to continue its recovery against the USD. The current quote for the instrument is 0.6345.
Investors are seeking risks again as the commodity market is reaching stability. Amid transitional agreements within the OPEC+, market players are relieved from additional stress so that they could work mid-term.
The statistics were rather unimpressive so far. In the morning, China reported on the PPI, which lost 1.5% y/y in March after showing -0.4% y/y in the previous month and against the expected reading of -1.1% y/y. The Chinese CPI was 4.3% y/y after being 5.2% y/y in February, which is also worse than market expectations of 4.9% y/y.
Everything that is connected to the Chinese economy and its outlook is very important for Australia as China is its key trade and economic partner.
The current slump in the country’s economy is quite logical but China is already getting back to normal life. April reports are unlikely to show this but May numbers will surely show improvements.