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Forex News: Australian Dollar Advances After Australia Retail Sales Soar

Australian Dollar Advances After Australia Retail Sales Soar

01/11/2018 - 02:35:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against its key counterparts in the Asian session on Thursday, following the release of nation's better-than-expected retail sales in November.

Data from the Australian Bureau of Statistics showed that Australia's retail sales jumped a seasonally adjusted 1.2 percent on month in November, coming in at A$26.377 billion.

That topped expectations for an increase of 0.4 percent following the 0.5 percent gain in October.

Oil prices held near three-year highs after data showed U.S. crude inventories fell almost 5 million barrels in the week to January 5.

Meanwhile, Chinese Premier Li Keqiang reportedly said the economy expanded around 6.9 percent in 2017. The economic situation is "better than expected," Li said in a forum in Cambodia.

The aussie spiked up to near a 3-month high of 0.7886 against the greenback and a 2-month high of 1.5155 against the euro, off its early lows of 0.7838 and 1.5248, respectively. On the upside, 0.795 and 1.50 are likely seen as the next resistance levels for the aussie against the greenback and the euro, respectively.

The aussie advanced to a 2-day high of 1.0955 against the kiwi, from a low of 1.0881 hit at 7:00 pm ET. If the aussie rises further, 1.10 is likely seen as its next resistance level.

Survey by ANZ bank showed that New Zealand's job advertisements declined for the second straight month in December.

Job ads dropped a seasonally adjusted 0.3 percent month-over-month in December, the same rate of fall as in November.

The aussie reversed from an early low of 87.29 against the yen, rising to 88.09. Continuation of the aussie's uptrend may see it challenging resistance around the 89.00 region.

Preliminary figures from the Cabinet Office showed that Japan's leading index increased notably in November to the strongest level in nearly four years.

The leading index, which measures the future economic activity, climbed to 108.6 in November from 106.5 in October. The figure also matched consensus estimate.

The aussie strengthened to 0.9890 against the loonie, its highest since November 2, 2017. This may be compared to a low of 0.9828 hit at 6:45 pm ET. The aussie is seen challenging resistance around the 1.00 region.

Looking ahead, German GDP data for full year, Eurozone industrial production for November and European Central Bank's accounts of the monetary policy meeting of the Governing Council held on December 13-14 are due in the European session.

In the New York session, Canada new housing price index for November, U.S. producer prices for December, weekly jobless claims for the week ended January 6 and monthly budget statement for December are set for release.

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