Aussie hits four-week high as retail sales top estimates

| January 11, 2019

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AUD/USD climbed to its highest level since December 14 this morning after Australia’s retail sales for November came in above forecast. Sales rose 0.4% m/m, up from 0.3% growth in October and beating economists’ estimates of a 0.3% gain. November’s expansion was the fastest in five months. The Australian Bureau of Statistics noted outperformance by the household goods and clothing categories, both of which were impacted by strong promotional activities, including Black Friday. AUD/USD’s rally has pushed it above the convergent 55- and 100-day moving averages at 0.7181 and 0.7179, respectively. The next technical resistance point could come at the 200-day moving average at 0.7333. Risk appetite took a marginal hit mid-morning when news hit the wires that US President Trump will most likely declare a national emergency if no border deal is struck. However, in the next breath, Trump said they should be able to do a deal with Congress. However, enough damage was done and Asian equity markets lurched in to the red, as did US futures. The US30 index slid 0.11% while the NAS100 CFD fell 0.22%.

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