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Forex Trading, Market News & Technical Analysis

Australian Dollar

Posted by Joseph Trevisani on Feb 6, 2013 6:21:00 PM

The aussie is lower at $1.0312 vs $1.0324 early Sydney, looking weak
again after managing to rebound from just below $1.0300 overnight. The aussie weakened after disappointing retail sales data for December and Q4 on Wednesday and overnight it was weak against the euro as well as the yen (down nearly 0.7% vs yen). Data release this morning on the construction index was another disappointment with the index slipping on fall in new orders but the aussie is already weak to show any further drop, especially when labor force data is due later today. This data is very volatile and seldom meets market consensus, so aussie can be expected to show big moves in either direction depending on the outcome. Next support is at mid-November low of $1.0288, according to NAB analysts.


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