According to analysts of the largest bank, Mr. Stanley, the Australian national currency has excellent potential for growth against the US dollar. Specialists say that the Australian dollar is strengthening its fourth session in a row after the release of economic data from China, which turned out to be better than expected and increased the demand for trade-dependent currencies.
On Monday, July 15, the currency of the Green Continent went up by 0.2% to $0.70347 compared to the $0.7020 indicator recorded the previous day. Currently, the Australian dollar continues to move to the highs of the beginning of this month, when it reached $ 0.7046.
Morgan Stanley is confident that he will overcome this peak and continue to grow. Analysts pay attention to maintaining a long position in the AUD/USD pair with the expectation of an increase to $0.73. The bank assumes that not very favorable statistics from Australia will not affect the overall financial situation. Moreover, Morgan Stanley believes that even the latest weak statistical data will not lead to significant changes in the rates of the Reserve Bank of Australia. At the same time, the current statistics from the United States was a pleasant surprise for market players but the improvement may turn out to be temporary and the Fed’s rhetoric remains soft.
The material has been provided by InstaForex Company – www.instaforex.com