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Forex News: Australian Dollar Advances After Strong Retail Sales Data

Australian Dollar Advances After Strong Retail Sales Data

06/04/2018 - 03:18:00 (RTTNews)

(RTTNews) - The Australian dollar climbed against its major counterparts in the Asian session on Monday, following the release of a data showing better than expected Australia retail sales growth in April.

Data from the Australian Bureau of Statistics showed that Australia retail sales rose a seasonally adjusted 0.4 percent on month in April.

That beat expectations for an increase of 0.3 percent following the flat reading in March.

Separate data showed that Australia's company operating profits rose a seasonally adjusted 5.9 percent on quarter in the first three months of 2018.

That beat expectations for 3.0 percent following the 2.2 percent gain in the three months prior.

The latest survey from the Australian and New Zealand Banking Group revealed that Australia job advertisements increased in May after falling in the previous month.

On a monthly basis, total job ads rose a seasonally adjusted 1.5 percent month-over-month in May, reversing a 0.3 percent drop in April.

Further underpinning the currency was rising risk appetite. Asian shares rose, mirroring strong cues from Wall Street, as upbeat manufacturing and jobs data from the U.S. bolstered optimism in the world's largest economy.

The aussie advanced to 83.59 against the yen, its strongest since May 23. If the aussie continues its rise, 85.00 is possibly seen as its next resistance level.

The aussie climbed to a 1-1/2-month high of 0.7625 against the greenback, from Friday's closing value of 0.7565. The aussie is likely to find resistance around the 0.78 level.

The aussie that closed last week's trading at 82.85 against the yen firmed to near a 2-week high of 83.66. The aussie is seen finding resistance around the 85.00 level.

Data from the Bank of Japan showed that Japan monetary base rose 8.1 percent on year in May, coming in at 492.969 trillion yen.

That follows the 7.8 percent increase in April.

The aussie appreciated to a 6-day high of 1.5319 against the euro, compared to 1.5402 hit late New York Friday. The next possible resistance for the aussie is seen around the 1.51 level.

The aussie strengthened to a 2-month high of 0.9868 against the loonie, from last week's closing value of 0.9800. The aussie is poised to challenge resistance around the 1.01 level.

The aussie advanced to a 5-day high of 1.0888 against the kiwi, from last week's closing quote of 1.0827. Next key resistance for the aussie is likely seen around the 1.01 level.

Looking ahead, U.K. construction PMI for May, Eurozone Sentix investor sentiment index for June and PPI for April are due in the European session.

In the New York session, U.S. factory orders and durable goods orders for April are scheduled for release.

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