02.09.2014 - The Australian dollar will continue to decline
Today in Australia was published set of important statistics that has led to the fall of the national currency of Australia. Thus, investors were disappointed by the data on the trade deficit of the country, which in the second quarter rose to 13.7 billion that almost coincided with analysts' forecasts. It is worth noting that in the first quarter of this year, the deficit was 7.8 billion.
In addition, today was published the data on the growth of the number of permits for construction of new homes in Australia in July by 2.5%, with an expected growth of 1.7%. The Reserve Bank of Australia kept interest rates at a minimum of 2.50%. Dynamics of trading on the Australian dollar this week will depend on the data on the growth of GDP, which will be published tomorrow, and from the movement of the dollar, which may strengthen in case of positive statistics on the labor market in the United States on Thursday and Friday.
We keep a medium-term negative outlook for the Australian dollar with the objectives of 0.91 and 0.89.