Tuesday, June 6, 2023
HomeUncategorizedAUD/USD climbs above 0.6900, boosted by Australian retail sales and dollar weakness

AUD/USD climbs above 0.6900, boosted by Australian retail sales and dollar weakness

  • AUD/USD rose nearly 0.25% on Monday, recouping some of Friday’s losses.
  • AUD/USD gains were limited last week by Fed comments.
  • Retail sales in Australia were better than expected, driven by tourism.

AUD/USD escaping from Fed policy stimulus last Friday Driven by risky sentiment, it returned to the 0.6900 mark after hitting a six-week low near 0.6840 during the North American session. Powell’s hawkish comments sent U.S. stocks down nearly 3 percent on average between the S&P 500, Nasdaq and Dow.

AUD/USD opened below last Friday’s close and edged closer to 0.6840, then recovered some lost ground to hit a daily high of 0.6925 before Closed near the current spot price. At the time of writing, AUD/USD is trading at 0.6907, almost 1% above its opening price.

AUD/USD moves higher on positive Australian data, USD weakens The Australian dollar rose on the back of a weaker US dollar, which fell 0.09% to 108.736, as shown by the US dollar index. In addition, commodity prices, led by crude oil and iron ore, are boosting commodity-linked currencies such as the Australian, New Zealand and Canadian dollars.

U.S. stocks are extending losses after Jerome Powell’s speech on Friday, saying the Fed’s main The goal is to raise inflation to the 2 percent target, even if that spurs sluggish growth and “inflicts pain on households and businesses.” “Without price stability, the economy doesn’t work for anyone,” he added.

On Friday, U.S. economic data showed, The core Fed’s favorite inflation gauge, the PCE deflator, rose 0.1% month-on-month, missing expectations. Still, the three-month annualized figure was high, and Powell welcomed the data, reiterating the need for the Fed to move into restrictive territory. Subsequently, the unit of measure consumer confidence index improved to 58.2, reflecting lower gasoline prices.

During the Asian session, Australia’s July retail sales data rose 1.3% with a better-than-expected preliminary reading, boosting AUD/USD . According to ANZ analysts, sales in Australia were driven by tourism and returning residents.

“We noted last month that very negative net arrivals in June may be the key to weak retail sales growth, rather than Start of consumption slowdown. ANZ analysts write.

AUD/ USD key technical level

The information on these pages contains information that involves risks and Uncertain forward-looking statements. The markets and instruments described on this page are for informational purposes only and should not be taken in any way as a recommendation to buy or sell these assets. You should conduct your own thorough research before making any investment decisions. FXStreet This information is not warranted in any way to be free from errors, errors or material misstatements. Nor does it warrant that this information is up to date. Investing in public markets involves substantial risks, including loss of all or part of an investment, and emotional distress. All investment-related Risks, losses and costs, including all loss of principal, are borne by you. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of FXStreet or its advertisers. The author is not at The information at the end of the links posted on this page is responsible.

At the time of writing, if not explicitly mentioned otherwise in the body of the article , the author has no position in any of the stocks mentioned in this article and has no business relationship with any of the companies mentioned in this article. The author is not paid for writing this article other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author make no representations regarding the liability for any errors, omissions or any loss, injury or damage arising out of the information and its display or use. Errors and omissions are excluded.

The author and FXStreet are not registered investment advisors and nothing in this article is investment advice.



Please enter your comment!
Please enter your name here


Featured NEWS