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If there is any hope that fundamental data will halt the Aussie’s slide so far this year, it’s the GDP figures that will be released tomorrow.
The data is a little old in the current environment; it’s from before COVID-19. But, it’s still relevant enough for many analysts to point to as a potential inflection point for the exchange rate in the short term.
Many are attributing the current record lows in the Australian dollar to the new coronavirus outbreak, and the economic impact it’s having in China. That is certainly a factor! However, the currency’s drop started before news of the virus hit the wires.
Arguably, the descent of the Aussie is significantly older than that. However, it staged a bit of a rally at the end of the year. And that plays into the data that will be released next.
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