I am watching the Australian economy closely for any signs that higher interest rates are taking a bite now as mortgage holders are feeling the pressure. His January retail sales today at 2330 GMT will be a good read. The consensus is a +1.5% reading after his 3.9% contraction in December.
At this point, Australian dollar
Australian dollar
The Australian dollar (AUD) is the official currency of Australia and is also used on Christmas Island, the Cocos (Keeling) Islands, Norfolk Island and independent Pacific countries. Introduced in 1966, the AUD is now the fifth most traded currency in the world, behind the US dollar, the euro, the Japanese yen and the British pound. Currencies are very important to the forex market and are routinely used as carry trades against other majors. Central to the Reserve Bank of Australia (RBA).Bank
The Australian dollar (AUD) is the official currency of Australia and is also used on Christmas Island, the Cocos (Keeling) Islands, Norfolk Island and independent Pacific countries. Introduced in 1966, the AUD is now the fifth most traded currency in the world, behind the US dollar, the euro, the Japanese yen and the British pound. Currencies are very important to the forex market and are routinely used as carry trades against other majors. Central to the Reserve Bank of Australia (RBA).Bank
/USD is tracking risk trades and making small profits. It moved up 16 pips to 0.6742. This is a session high and just above Friday’s US high.
There is room for further retracement here as other markets sweep away Friday’s losses.