The Australian dollar is growing a bit. Overview for 27.02.2017

Neutral fundamental background and the NAB’s comments help the Aussie to get stronger at the beginning of the week.

On Monday afternoon, the Australian Dollar is getting more expensive against the USD. The current quote for the instrument is 0.7690.

Today, the National Australia Bank (NAB) published the report relating to the county’s economy. For instance, the Australian GDP in the fourth quarter of 2016 is expected to add 0.9% thanks to the Company Gross Profit. At the same time, the report says that the Business Inventories reading got worse, but thanks to the growth of prices for some raw commodities, emitents’ profit increased and, as a result, had a positive impact on the economy.

The official reading of the Australian GDP in the fourth quarter of 2016 will be published this Wednesday, on March 1^st. The average forecast for the indicator is estimated at +0.7% q/q (+1.9% y/y). last week, the NAB’s forecast was only +0.6% q/q, but expectations have improved since then. It’s obvious that the better the GDP reading is, the more support the national currency will get.

So far, every bit of attention is focused on the USA, the president of which is going to report on the details of the country’s taxation reform. This plan looked rather ambitious even in the form it was announced before, but no details still have been published. The procedure of the USA taxation reform will provide the country’s economy with more resources and this is very good after all.

RoboForex Analytical Department