By ForexMansion.com

 

The Australian currency has grabbed attention after it recorded the highest level of 1.0415 versus its major counterpart, the greenback, as gains in stocks worldwide increased demand for higher-yielding currencies such as the Aussie.

 

On Tuesday, the Australian economy is to present a number of important fundamentals, where it will issue its trade balance for the month of February at 01.30 GMT, which is expected to record a surplus.

 

On the other hand, the Australian dollar will continue its upside movement against the US dollar, as the expectations indicated that the Reserve Bank of Australia will keep the interest rate steady at 4.75%, this may be evident through the Bank’s decision that will be issued at 04.30 GMT.

 

Moreover, the outlook for the Australian economy is referring to expansion, which in turn will have positive effect on the market, thereby pushing investors to prefer buying high-yielding currencies such as the Aussie.

 

China’s manufacturing growth accelerated for the first time in four months in Marchand may increase orders for coal and iron ore, therefore supporting the Australian economy outlook.

 

Originally posted here