AUD/USD turns red on subdued Australian Retail Sales


  • AUD/USD drops on weak Aussie retail sales data. 
  • Australia's retail sales growth slowed to 0.2% in September, as expected. 
  • The losses could be short-lived as RBA is unlikely to cut rates before the year's end. 

The bid tone around the Australian Dollar weakened, leading to a drop in the AUD/USD pair after the official data showed the Australian consumer spending growth slowed in October. 

Australia's consumer spending, as represented by Retail Sales rose 0.2% month-on-month in September following August's 0.4% rise, the Australian Bureau of Statistics reported at 00:30 GMT. The data was tipped to show the retail sales growth slowed to 0.2%.

The AUD/USD pair, which recovered from 0.6907 to 0.6917 ahead of the retail sales, fell back to 0.6904 following the release of the key data. 

The drop, however, could be short-lived, possibly because the Reserve Bank of Australia is unlikely to feel pressured to cut rates next month, as the data released last week showed the economy added 26,200 full-time jobs in September and the jobless rate fell to 5.2%, from a one-year peak of 5.3%, the first drop since February when it got as low as 4.9%.

Further, the TD Securities Inflation data released at 00:00 GMT also matched estimates by printing at 1.5% year-on-year and 0.1% month-on-month. Further, the US-China trade optimism could also put a bid under the AUD during the day ahead. As of writing, the pair is trading at session lows near 0.6904. 

Technical levels

AUD/USD

Overview
Today last price 0.6904
Today Daily Change 0.0003
Today Daily Change % 0.04
Today daily open 0.6913
 
Trends
Daily SMA20 0.6816
Daily SMA50 0.6799
Daily SMA100 0.685
Daily SMA200 0.6955
 
Levels
Previous Daily High 0.6922
Previous Daily Low 0.6883
Previous Weekly High 0.693
Previous Weekly Low 0.681
Previous Monthly High 0.693
Previous Monthly Low 0.667
Daily Fibonacci 38.2% 0.6907
Daily Fibonacci 61.8% 0.6898
Daily Pivot Point S1 0.689
Daily Pivot Point S2 0.6867
Daily Pivot Point S3 0.6851
Daily Pivot Point R1 0.6929
Daily Pivot Point R2 0.6945
Daily Pivot Point R3 0.6968

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD catches fresh bids, regains1.3400 ahead of UK PMIs

GBP/USD sees a fresh leg higher in early European trading, as the bulls take out the 1.34 handle amid growing optimism over a speedy and soft Brexit. The focus remains on the UK Markit Preliminary PMIs ahead of BOE.

GBP/USD News

EUR/USD: Inverted hammer on D1, flash PMIs eyed

EUR/USD created a bearish inverted hammer candle on Friday, establishing 1.12 as key resistance. A bearish hammer reversal would be confirmed if the spot closes Monday below 1.1102. Better-than-expected German PMI is needed to avoid a bearish close.

EUR/USD News

Week Ahead – Phase-one trade deal and UK election aftermath

The US dollar remains at a critical juncture as Fed policy will be on hold for the foreseeable future and as we start to see an economic rebound come out of Europe. The world’s largest and strongest economy is likely to start to see economic growth slow in the fourth quarter.

Read more

Gold: Flatlined after the biggest weekly gain since September

Gold is lacking a clear directional bias in Asia, having eked out its biggest weekly gain in nearly three months. The yellow metal is currently trading at $1,474 per Oz, representing little or no change on the day.

Gold News

USD/JPY clings to modest gains, just below mid-109.00s

The USD/JPY pair edged higher on the first day of a new trading week, albeit lacked any strong follow-through and remained well within the previous session's trading range.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures