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Forex News: Australian Dollar Falls After Retail Sales Miss Forecasts

Australian Dollar Falls After Retail Sales Miss Forecasts

11/03/2017 - 02:59:00 (RTTNews)

(RTTNews) - The Australian dollar slipped against its key counterparts in the Asian session on Friday, as the nation's retail sales missed forecasts in September, triggering hopes that the Reserve Bank of Australia would keep rate on hold in the coming months.

Data from the Australian Bureau of Statistics showed that Australia's retail sales remained flat in September, defying economists' forecast for an increase.

The seasonally adjusted retail trade turnover showed no variations in September, following a 0.5 percent fall in August. Meanwhile, it was expected to rise by 0.4 percent.

Survey from the Australian Industry Group showed that Australia's services sector continued to expand in October, but the rate of growth eased slightly since September.

The Performance of Service Index, dropped to 51.4 in October from 52.1 in September. However, any reading above 50 indicates expansion in the sector.

Asian shares are mixed as traders digested details of the House Republican tax reform bill as well as the announcement of President Donald Trump to nominate Federal Reserve Governor Jerome Powell as the successor to current Fed Chair Janet Yellen.

The currency was higher on Thursday, buoyed by impressive data on Australia's building approvals and trade surplus in September.

The aussie declined to a 3-day low of 0.9840 against the loonie, compared to 0.9879 hit late New York Thursday. If the aussie slides further, 0.97 is possibly seen as its next support level.

The aussie that ended yesterday's trading at 1.5114 against the euro fell to a 2-day low of 1.5186. Continuation of the aussie's downtrend may see it challenging support around the 1.53 mark.

The aussie slipped to 1.1063 against the kiwi, its lowest since October 19. Further weakness may take the aussie to a support around the 1.08 area.

The aussie fell to a 2-day low of 87.50 against the Japanese yen, down from Thursday's closing quote of 87.99. The next possible support for the aussie-yen pair is seen around the 86.00 level.

The aussie edged down to 0.7676 against the greenback from Thursday's closing value of 0.7713. On the downside, the aussie may challenge support around the 0.75 mark.

Looking ahead, U.K. services PMI for October are due in the European session.

In the New York session, U.S. jobs data and ISM non-manufacturing index for October and trade report and factory orders for September, as well as Canada jobs data for October and trade report for September are set for release.

At 12:15 pm ET, Minneapolis Fed President Neel Kashkari speaks about monetary policy and the 2018 outlook at the Women in Housing and Finance luncheon, in Washington DC.

For comments and feedback: contact editorial@rttnews.com

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