Mixed Aussie data fails to make shakes in AUD/USD
|Australian data dump arrived showing that the January Retail Sales +0.5% missed expectation of a Reuters poll +0.6% month on month and that the Australia Jan balance goods and services arrived at A$+10,142 mln vs a Reuter's poll of A$+6,500 mln.
- Exports +6 pct MoM.
- Imports -2 pct MoM.
The Aussie data is being watched closely as the forex space outs their bets on the commodity complex to outperform in a reflation trade environment.
Reuters explained that ''emerging market currencies of commodity-exporting nations are set to firm over the next 12 months as the world recovers from the coronavirus pandemic - and despite recent rises in US Treasury yields, a Reuters poll found on Thursday.''
''High-beta emerging market currencies, which last year achieved their best year since 2017 with gains of over 3%, have been in question after the benchmark 10-year US Treasury yield hit a one-year high last week.''
''Still, as investors ponder whether the world is entering a commodities cyclical upturn or a new supercycle, commodity-linked currencies are already firmer due to expectations of a boom.''
''Currencies of historically strong commodity exporters will trade resiliently.''
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.