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6 Feb 2013
Forex: AUD/USD in session lows around 1.0340
The Aussie dollar continues its correction lower on Wednesday, trading in session lows in the area around 1.0335/40
Softer-than-expected retail sales during December have collaborated with the downside, contracting 0.2% on a monthly basis vs. +0.3% forecasted.
Analyst Adrian Foster at Rabobank, commented, “These data feed directly into GDP and point to a weak contribution from consumption to the overall economy in 4Q… Tomorrow’s Jobs report is an important signpost for thinking about prospective RBA policy moves”.
As of writing, the cross is down 0.47% at 1.0341 with the next support at 1.0338 (low Nov.21).
On the flip side, a breakout of 1.0411 (daily cloud base) would expose 1.0420 (hourly high Feb.5) and then 1.0442 (MA10d).
Softer-than-expected retail sales during December have collaborated with the downside, contracting 0.2% on a monthly basis vs. +0.3% forecasted.
Analyst Adrian Foster at Rabobank, commented, “These data feed directly into GDP and point to a weak contribution from consumption to the overall economy in 4Q… Tomorrow’s Jobs report is an important signpost for thinking about prospective RBA policy moves”.
As of writing, the cross is down 0.47% at 1.0341 with the next support at 1.0338 (low Nov.21).
On the flip side, a breakout of 1.0411 (daily cloud base) would expose 1.0420 (hourly high Feb.5) and then 1.0442 (MA10d).