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Forex News: Aussie Falls As Australia Retail Sales Slip Unexpectedly

Aussie Falls As Australia Retail Sales Slip Unexpectedly

04/03/2017 - 02:15:00 (RTTNews)

(RTTNews) - The Australian dollar weakened against other major currencies in the Asian session on Monday after data showed that Australia's retail sales fell more than expected in February.

Data from the Australian Bureau of Statistics showed that the total value of retail sales in Australia was down a seasonally adjusted 0.1 percent on month in February, at A$25.691 billion. That missed forecasts for an increase of 0.3 percent following the 0.4 percent gain in January.

Also, the total number of building approvals issued in Australia climbed a seasonally adjusted 8.3 percent on month in February, at 18,995. That beat expectations for a decline of 1.5 percent following the upwardly revised 2.2 percent gain in January.

On a yearly basis, approvals were down 4.9 percent, but beat forecasts for a loss of 14.5 percent following the upwardly revised 11.6 percent contraction in the previous month.

Data from the Australian Industry Group showed that the manufacturing sector in Australia continued to expand in March, albeit at a slightly lower pace, with a Performance of Manufacturing Index score of 57.5. That's down from 59.3 in February.

Data from TD Securities and the Melbourne Institute showed that consumer prices in Australia are tipped to have seen a mild increase in March. The latest inflation forecasts calls for a 0.1 percent monthly increase and a 2.2 percent yearly gain in March. That follows the 0.3 percent monthly decline and the 2.1 percent yearly increase predicted for February.

Last Friday, the Australian dollar showed mixed trading against its major rivals. While the Australian dollar rose against the euro, the yen, and the NZ dollar, it fell against the U.S. dollar and the Canadian dollar.

In the Asian trading, the Australian dollar fell to a 4-day low of 1.4047 against the euro, from Friday's closing value of 1.3964. The aussie may test support near the 1.43 region.

Against the U.S. dollar and the yen, the aussie dropped to 6-day lows of 0.7603 and 84.65 from last week's closing quotes of 0.7627 and 84.96, respectively. If the aussie extends its downtrend, it is likely to find support around 0.75 against the greenback, and 83.00 against the yen.

Against the New Zealand and the Canadian dollars, the aussie slipped to a 6-day low of 1.0852 and nearly a 4-week low of 1.0125 from last week's closing quotes of 1.0882 and 1.0158, respectively. The aussie is likely to find support near 1.06 against the kiwi, and 1.00 against the loonie.

Looking ahead, Swiss retail sales data for February, PMI reports from major European economies for March, and Eurozone PPI and unemployment rate for February are due to be released later in the day.

In the New York session, U.S. and Canada PMI for March and U.S. construction spending for February are slated for release. At 10:30 am ET, Federal Reserve Bank of New York President William Dudley is expected to speak at the presentation of the Bank's survey of Household Borrowing, Student Debt Trends, and Home-ownership, in New York.

At 3:00 pm ET, Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak at the University of Pennsylvania School of Engineering, in Philadelphia.

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