The Aussie is rising. Overview for 09.02.2022

AUDUSD is keeping its positive momentum.  

The Australian Dollar is growing against the USD on Wednesday. The current quote for the instrument is 0.7162.

At the moment, the Aussie is quite strong but only because the USD is weak. 

This week, Australia released some macroeconomic reports. For example, the NAB Business Confidence showed 3 points in January after being -12 points the month before. It’s good news, although one should admit – the indicator remains extremely volatile. 

The Westpac Consumer Sentiment was -1.3% in February after showing -2.0% in January. 

The Reserve Bank of Australia is currently discussing its strategy for 2022. The regulator hasn’t announced any rate hikes so far – investors are interested in this information as much as they were eager to know about the US Fed’s plans. 

One of the former members of the RBA said that the regulator should raise the rate four times this year, because one rate hike made no sense. He believes that the rate might reach 1% at the end of 2022, with the first hike taking place in August. 

At the same time, there is an opinion that the salary growth dynamics might remain rather slow. This might prevent the RBA from being more aggressive with its monetary policy.