News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Australian Dollar Soars as Strong Data Reaffirms RBA's Guidance

Australian Dollar Soars as Strong Data Reaffirms RBA's Guidance

Daniel Giardina,

Talking Points:

  • Retail Sales increase 1.2 m/m in January vs. 0.7% in December (Revised)
  • Australian Trade Balance Surplus Widens to 1433M in January vs. 591M (Revised)
  • Australian Dollar Jumps Past US 90 cents Reaffirms RBA’s Guidance

The AUD/USD soared after Australia reported that Retail Sales in January came in at 1.2 percent (month on month), exceeding forecasts of 0.4 percent, and 0.7 percent in December. Moreover, January’s Trade Balance surplus widened to 1,433 million, beating forecasts of 100 million, and improving upon a reading 591 million in December.

The Aussie jumped 52 pips from 0.8979 to 0.9032, advancing well past the psychological level of US 90 cents when the data crossed the wires. This positive data may tip the scales for the market's forecast for the next RBA move to be a hike rather than a cut. For a high-yield currency like the Aussie, that is a key - if distant - benefit.

AUD/USD (5 Min Chart) - Created By Daniel Giardina using Marketscope 2.0

Australian_Dollar_Soars_as_Strong_Data_Reaffirms_RBAs_Guidance_body_retail_and_balance_AUD_3514.png, Australian Dollar Soars as Strong Data Reaffirms RBA's Guidance

Get Real-Time Feedback on Your Trades withDailyFX on Demand!

Written by Daniel Giardina, any comments, suggestions, or feedback please email instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES