Rising rate of Australian dollar in the course of several last days is partially caused by positive macrostatistics, published this week. First of all, it is worth mentioning a small acceleration of major indexes in May (+0.8%MoM), which looks rather positive against general slowdown.
Although new car sales have shown minor monthly decline by -0.6%MoM in June, annual dynamics of strong growth remains (+18.4%YoY). Among other positive factors: positive dynamics on import (+2.4%QoQ) and export prices (+1%QoQ), which is a signal of both, domestic and foreign, demand.
Weak crediting statistics is more likely to be referred to negative factors – demand for mortgage and commercial loans keeps falling. In this reference, Business Sentiment Index published last week still remained within the negative zone.
Consequently, according to Commodity Trading Department, it is hard to define perspectives of economic growth in the nearest future, there are neither any certain ideas about AUDUSD.
