AUD/USD: BULL'S COMMITMENTS AND AUSSIE'S 1-MONTH 2.5% APPRECIATION TESTED AFTER RETAIL SALES MISS
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Having been at levels not seen since the middle of 2015, the AUD/USD has dropped a touch after the retail sales miss and has printed a fresh low for the session at 0.7675.
The retail sales for December came as -0.1% m/m vs. the expected 0.3% and prior 0.2%. The Q4 retail sales, excluding Inflation, came in at 0.9% q/q vs. the expected 0.9% q/q and prior -0.1%.
This data, for now, is testing the bull's commitments after the Aussie's relentless advance of late having appreciated every session last week in a six-day streak. The Australian dollar appreciated 2.5% on a trade-weighted basis last month. "The 1.7% advance on the week, the fifth weekly advance in the past six weeks, brought it to the $0.7700 area that provided to be a formidable nemesis last year. However, the recent trade surplus has been a big plus, especially with the sharp increase or iron ore and coal shipments ad commodities as a whole have been supportive.
Current exchange rate of AUD/USD pair is0.7664.
Our Latest Recommendation:
Sell AUD/USD as the pair is going in forex market.