Aussie Falls On Weak Retail Sales, Trade Data
04 Junho 2015 - 12:49AM
RTTF2
The Australian dollar weakened against the other major
currencies in the Asian session on Thursday following the release
of disappointing trade and retail sales data for April.
Data from the Australian Bureau of Statistics showed that
Australia had a merchandise trade deficit of A$3.888 billion in
April. That was wider than forecasts for a shortfall of A$2.10
billion following the upwardly revised A$1.231 billion shortfall in
March.
Exports were down 6.0 percent on month to A$25.659 billion,
while imports advanced 4.0 percent to A$29.547 billion.
Another data from the same agency showed that the total value of
retail sales in Australia was flat on a seasonally adjusted monthly
basis in April, coming in at A$24.097 billion. That missed
forecasts for an increase of 0.3 percent, which would have been
unchanged from the March reading.
Meanwhile, the Australian stock market pared initial gains and
slipped into negative territory, extending its losses to a fourth
straight day. Australia's benchmark S&P/ASX200 Index is
currently down 23.80 points or 0.43 percent at 5,559. The broader
All Ordinaries Index is also currently down 24.00 points or 0.43
percent at 5,564.
Wednesday, the Australian dollar rose against its major rivals,
after data showed that the nation's gross domestic product expanded
more than expected in the first quarter of 2015. The aussie rose
0.37 percent against the U.S. dollar, 0.42 percent against the yen,
0.60 percent against the Canadian dollar and 0.71 percent against
the NZ dollar.
In the Asian trading today, the Australian dollar fell to nearly
a 3-1/2-month low of 1.4598 against the euro, from yesterday's
closing value of 1.4476. The aussie may now seek support near the
1.48 region.
The aussie dropped to a 2-day low of 95.97 against the yen, from
yesterday's closing value of 96.71. On the downside, 93.00 is seen
as the next support level for the aussie.
Against the U.S., the New Zealand and the Canadian dollars, the
aussie slipped to 2-day lows of 0.7708, 1.0805 and 0.9610 from
yesterday's closing quotes of 0.7785, 1.0879 and 0.9679,
respectively. If the aussie extends its downtrend, it is likely to
find support around 0.75 against the greenback, 1.04 against the
kiwi and 0.94 against the loonie.
Looking ahead, ECB council members Yves Mersch and Erkki
Liikanen will deliver speeches at a ECB/Bank of Finland conference
entitled "Getting the balance right: innovation, trust and
regulation in retail payments" in Helsinki, Finland at 2:00 am
ET.
In the European session, Eurozone retail PMI for May is due to
be released.
In the New York session, U.S. weekly jobless claims for the week
ended May 30 and Canada Ivey PMI for May are slated for
release.
The Bank of England will announce its interest rate decision at
7:00 am ET. Economists expect the bank to retain interest rates
unchanged at 0.50 percent and asset purchase target at GBP 375
billion.
At 12:00 pm ET, Federal Reserve Governor Daniel Tarullo is
expected to participate in a panel discussion titled "Conversation
on the Economy and Financial Regulation" at the 2015 Institute for
International Finance North America Summit in New York.
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