AUD dips amid mixed results from macroeconomic data releases

OFX Daily Market News

Posted by OFX

AUD – Australian Dollar

The AUD held steady for the first half of the trading day session after ABS Trade Balance results of 5.80B beat expectations of 4.10B indicating that more goods and services were exported than imported for the last month. It saw a dip in the evening with the Chinese CPI data release which came in lower than expected at 4.5% compared to its forecast of 4.7%.

Just before midday the ABS will release their Retail Sales results. Showing the change in the total value of sales at the retail level, this is the earliest look at consumer spending data that accounts for the majority of overall economic activity.

The AUD opened at 0.6853 against the USD this morning.

Key Movers

Geopolitical tensions eased as US President Donald Trump signalled he will not retaliate for Iran’s missile strikes on Iraq bases housing US troops. Trump said that no Americans were harmed in these attacks, but the US will continue to look at options and look to “work together toward making a deal with Iran that makes the world a safer and more peaceful place”.

In terms of other macroeconomic news, Canada is scheduled to release their employment data just after midnight. Showing the change of number of employed people and total unemployed work force, job data is an important signal of overall economic health as consumer spending accounts for the majority of economic activity.

Expected Ranges

AUD/CAD: 0.8860 – 0.9020 ▼

AUD/EUR: 0.6105 – 0.6240 ▼

GBP/AUD: 1.8690 – 1.9305 ▲

AUD/NZD: 1.0250 – 1.0435 ▼

AUD/USD: 0.6785 – 0.6940 ▼


Posted by OFX

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