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Forex News: Aussie Falls On Weak Aussie Retail Sales, Trade

Aussie Falls On Weak Aussie Retail Sales, Trade Balance

09/07/2017 - 03:21:00 (RTTNews)

(RTTNews) - The Australian dollar weakened against other major currencies in the Asian session on Thursday, after data showed that the nation's retail sales and trade balance missed economists' expectation in July.

Data from the Australian Bureau of Statistics showed that the total value of retail sales in Australia came in roughly unchanged in July on a seasonally adjusted basis, standing at A$26.113 billion.

That was shy of expectations for an increase of 0.2 percent following the downwardly revised 0.2 percent gain in June.

Also, the ABS said that Australia posted a seasonally adjusted merchandise trade surplus of A$460 million in July, down 48 percent on month. That missed forecasts for a surplus of A$1.000 billion following the upwardly revised A$888 million surplus in June.

Exports were down 2.0 percent on month to A$321.071 billion, while imports sank 1.0 percent to A$30.611 billion.

In the Asian trading, the Australian dollar fell to 1.4936 against the euro and 87.07 against the yen, from yesterday's closing of 1.4891 and 87.33, respectively. If the aussie extends its downtrend, it is likely to find support around 1.51 against the euro and 85.00 against the yen.

Against the U.S. and the Canadian dollars, the aussie dropped to 0.7984 and 0.9764 from yesterday's closing quotes of 0.7998 and 0.9778, respectively. The aussie may test support near 0.77 against the greenback and 0.95 against the loonie.

The aussie edged down to 1.1070 against the NZ dollar, from an early 2-day high of 1.1125. On the downside, 1.09 is seen as the next support level for the kiwi.

Looking ahead, U.K. Halifax HPI for August and Eurozone GDP data for the second quarter are due to be released later in the day.

At 7.45 am ET, the ECB announces the outcome of its governing council meeting. The bank is expected to keep its refi rate at zero percent and the deposit rate at -0.4 percent.

The announcement will be followed by a press conference at 8.30 am ET. ECB Chief Mario Draghi is expected to design the groundwork for tapering.

In the New York session, U.S. weekly jobless claims for the week ended for September 2, Canada building permits for July, Canada Ivey PMI for August, and U.S. crude oil inventory data are slated for release.

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