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Forex News: Australian Dollar Falls On Weak Retail Trade Data

Australian Dollar Falls On Weak Retail Trade Data

10/05/2017 - 02:18:00 (RTTNews)

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

Data from the Australian Bureau of Statistics showed that the the total value of retail sales in Australia was down a seasonally adjusted 0.6 percent on month in August, coming in at A$25.883 billion.

That was shy of expectations for an increase of 0.3 percent following the downwardly revised 0.2 percent decline in July.

Australia posted a seasonally adjusted merchandise trade surplus of A$989 million in August, up 22 percent on month. That beat forecasts for a surplus of A$870 million following the upwardly revised A$808 million surplus in July.

Exports were up A$166 million or 1.0 percent on month to A$32.229 billion.

In the Asian trading, the Australian dollar fell to 2-day lows of 88.22 against the yen and 1.5022 against the euro, from an early 8-day highs of 88.74 and 1.4940, respectively. If the aussie extends its downtrend, it is likely to find support around 86.00 against the yen, and 1.51 against the euro.

Against the U.S. and the Canadian dollars, the aussie dropped to 2-day lows of 0.7824 and 0.9769 from yesterday's closing quotes of 0.7861 and 0.9807, respectively. The aussie may test support near 0.76 against the greenback and 0.96 against the loonie.

The aussie edged down to 1.0933 against the NZ dollar, from an early near 3-week high of 1.0993. On the downside, 1.08 is seen as the next support level for the aussie.

Looking ahead, Swiss CPI data for September, German construction PMI for September and Swiss KOF institute Autumn economic forecast are due to be released later in the day.

In the New York session, U.S. weekly jobless claims for the week ended September 30, U.S. trade balance, factory orders and durable goods orders for August, are slated for release.

At 9:10 am ET, Federal Reserve Governor Jerome Powell is expected to speak about the Treasury Markets Practices Group at the Federal Reserve Bank of New York.

At 10:00 am ET, Federal Reserve Bank of Philadelphia President Patrick Harker is scheduled to speak at the Investing in America's Workforce Conference hosted by the Federal Reserve System, in Austin.

At 12:00 pm ET, Bank of England MPC Member Ian McCafferty is expected to speak at The Founders' Company Annual Lecture, in London.

At 1:30 pm ET, Bank of England Chief Economist Andy Haldane is to deliver a presentation titled "Central Bank Engagement with Society" at the Economic Research Council, in London.

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