By bsuper| No CommentsPost Views: 0| 2
According to a report by Reuters, Australian Prime Minister Scott Morrison presented an optimistic outlook on the country’s handling of the Coronavirus situation. This sparked a more positive mood for the Aussie Dollar.
The increase in positive tone was also coupled by the release of China’s Caixin Service Purchasing Manger’s Index. The March PMI report showed an increase to 43.0 compared to last month’s 26.5. This was able to push the Aussie Dollar to make a rally due to Australia’s strong trading partnership with China.
On a global note, what does the increase in PMI level mean? These numbers suggest that global economic situations are stabilizing from the effect of the pandemic outbreak.
These two factors have suggested that the overall economic circumstance of Australia has been pretty good for the time being. However, it is still too soon to say whether or not the Aussie will make a significant gains until the spread of the pandemic has stopped– which may not be anytime soon.
For the time being, the Aussie is still in its downward momentum.
Information on this page are solely for educational purposes only and is not in any way a recommendation to buy or sell certain assets. You should do your own thorough research before investing in any type of asset. Learn to Trade does not fully guarantee that this information is free from errors or misstatements. It also does not guarantee that the information is completely timely. Investing in the Foreign Exchange Market involves a great deal of risk which may result in the loss of a portion or your full investment. All risks, losses and costs associated with investing, including total loss of principal and emotional distress, are your responsibility.