Article By RoboForex.com
AUDUSD has been trading downwards for the third day in a row despite the neutral statistics.
The Australian Dollar is falling against the USD for the third consecutive trading session. The current quote for the instrument is 0.7227.
The statistics published today showed that the Retail Sales in Australia added 0.3% m/m in October, thus matching market expectations. In September, the indicator expanded by only 0.1% m/m.
The statistics might have supported the Aussie, but investors are really nervous due to some mixed news relating to the pause in “trade wards” between the USA and China. Everything that is China-related is very important for Australia and the Aussie, because China is the key trade and economic partner of the Green continent.
It became known today that a top Huawei Technologies executive (a Chinese company) was arrested in Canada for extradition to the USA. This information might as well be a reason to break the truce. The Company says it holds information about possible accusations, but investors’ response was simple: they started avoiding risks and switching to “safe haven” assets. The arrest was the main reason for sell out at stock exchanges; decline of the futures on American indices was also very massive. In this light, it’s quite logical that the Aussie got under significant pressure.
Most likely, the case details may appear in the nearest future, as well as the official response from China.
Article By RoboForex.com
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