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Forex News: Australian Dollar Declines On Weak Retail Sales, Virus

Australian Dollar Declines On Weak Retail Sales, Virus Worries

01/22/2021 - 03:03:00 (RTTNews)

(RTTNews) - The Australian dollar fell against its major rivals in the Asian session on Friday, as the nation's retail sales dropped more than forecast in December and a resurgence in coronavirus infections in China dented the risk sentiment.

Data from the Australian Bureau of Statistics showed that Australia's retail sales tumbled a seasonally adjusted 4.2 percent on month in December - coming in at A$30.324 billion.

That missed expectations for a decline of 2.5 percent following the 7.1 percent jump in November.

China has reimposed travel restrictions in Beijing and other cities after a rise in new infections.

Authorities are planning to impose strict coronavirus testing during the Lunar New Year holiday next month.

Deaths from Covid-19 hit a new record for the second time this week in Indonesia on Thursday, while case numbers are increasing in Malaysia, Thailand and the Philippines.

The aussie dropped to 2-day lows of 0.7728 against the greenback and 80.12 against the yen, from its early highs of 0.7770 and 80.45, respectively. The aussie is seen locating support around 0.75 against the greenback and 78.00 against the yen.

Reversing from its early 2-day high of 0.9823 against the loonie, the aussie edged down to 0.9800. The aussie may face support around the 0.96 level, if it falls again.

The aussie fell to a 2-day low of 1.5733 against the euro, after rising to 1.5653 in early deals. On the downside, 1.62 is likely seen as its next support level.

The aussie held steady against the kiwi, after having dropped to 1.0750 at 5:00 pm ET.

Looking ahead, PMI reports from major European economies are due in the European session.

Canada retail sales for November and U.S. existing home sales for December are set for release in the New York session.

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