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.

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
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Point 3 is not talked about enough. The bureaucratic - dare I say, Leviathan - in most universities is resulting in tuition prices skyrocketing without adding clear value to the students. https://t.co/WNZIORrfAk
  • Think #amzn will gap higher on Monday after Black Friday and the giant move to online shopping?
  • The exponential moving average (EMA) is a derivative of the simple moving average (SMA) indicator. Compared to the SMA, the EMA weighs recent price changes more heavily than later changes in price. Learn how to incorporate the EMA into your strategy here: https://t.co/w48c0xJXSX https://t.co/xFmhA7ZHqU
  • Traders in the Euro have a big decision to make this weekend: if EUR/USD hits 1.20, will it continue to advance, consolidate or fall back? Get your $EURUSD market update from @MartinSEssex here:https://t.co/8hAhguZcEA https://t.co/kwtatozp3z
  • The bullish engulfing candle is one of the forex market's most clear-cut price action signals for reversals and continuation. Learn more about this price action trading signal here: https://t.co/Yg6ecRZZNr https://t.co/9SdceNYUEK
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/imv2PnapzH
  • Defensive stocks have proven critically important when navigating stock market volatility. Find out what are the most defensive stocks here:https://t.co/TMcbMALtbw https://t.co/mmldxxEtsc
  • Dollar Index has broken major uptrend support and risks accelerated losses into the December open. Get your $USD technical analysis from @MBForex here:https://t.co/Txo8l8S1f1 https://t.co/YLVzP95JH8
  • The MACD is an indicator that uses exponential moving averages (EMA) to determine trend strength along with entry points based on crossovers. Find out how you can use the MACD as a buy/sell signal here: https://t.co/qxnP99uqTQ https://t.co/tGVqSZ2zK3
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here: https://t.co/yXLaRpl90I https://t.co/reMoYpqkQO
Australian Dollar Knocked By Data Misses, Doesn't Fall Far

Australian Dollar Knocked By Data Misses, Doesn't Fall Far

2017-09-07 02:11:00
David Cottle, Analyst
Share:

Talking Points:

  • Australia’s trade balance came in well below market expectations
  • Retail sales for July missed too
  • The Australian Dollar stumbled, but retains clear support at elevated levels

Join DailyFX analysts live and interactive for all the crucial economic data as they’re released at the DailyFX Webinars

The Australian Dollar took a modest tumble Thursday as a bunch of key economic data out of its homeland missed market forecasts.

Official retail sales figures were flat on the month in July. Investors had been looking for a 0.2% rise to follow June’s 0.3% gain. They didn’t get it, obviously. Consumer spending seems once again to have been reined in by slow wage growth – a long-time concern of the Reserve Bank of Australia.

July’s trade balance missed the mark by an even bigger margin. Australia was still in surplus, to the tune of AUD460 million (US$368 million), but the markets had hoped for a billion-dollar figure. Exports were a major contributor to second-quarter Gross Domestic Product growth. This is a first look at the third-quarter’s showing and it didn’t impress. Exports slipped 2% on the month, with imports down 1%.

Still, the Australian Dollar didn’t fall very far in the data aftermath and clearly remains quite well supported, especially against the greenback. In recent days data disappointments have been quickly overcome by AUD/USD buyers who often return within minutes. In this case, the pair slipped back under the psychologically important US$0.80 level- at which the bulls have usually run out of enthusiasm this year – but not very far under.

Australian Dollar Knocked By Data Misses, Doesn't Fall Far

More broadly, the Australian Dollar continues to gain against its US big brother, having inched back towards its 2017 highs this week. Much of the process seems attributable to general US Dollar weakness. However the RBA has been vocal in lamenting the effects of a high exchange rate on its home economy and investors are now waiting to see if this rhetoric ramps up again as AUD/USD pushes on.

Australian Dollar Knocked By Data Misses, Doesn't Fall Far

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter: @DavidCottleFX

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

DISCLOSURES