AUD needs foothold. Overview for 17.01.2023

aud-needs-foothold-overview-for-1701.2023

The Australian dollar against the US dollar is eager to grow. The current quote is 0.6970.

Aussie got support from Chinese statistics. China is the key trade and economic partner of Australia, hence, its statistics are extremely important for the Green continent.

So, the Chinese GDP in Q4, 2022 grew by 2.9% y/y, while the consensus forecast was 1.8% y/y of growth. In Q3, the Chinese economy grew by 3.9% y/y but did not grow quarter-by-quartet, though it was expected to shrink by 0.8%. Over the whole of 2022, the economy expanded by 3% y/y.

The fact that the Chinese GDP turned out better than rather pessimistic forecasts made investors happy. Fundamentally speaking, though, there is nothing good in that statistics: China has lost the status of the global economic locomotive, and no one knows when it will recover from all the lockdown damage.

Source: Roboforex

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