Forex: AUD/USD cracks 1.0250 post downbeat Aus data
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AUD/USD
FXstreet.com (Barcelona) - The Australian Dollar remains on a free-fall at the start of the week, currently having penetrated the 1.0250 area to find its lowest about 10 pips below, with next technical support not seen until 1.0220, ergo, it appears the fall may be extended a bit further until bears riding the downleg take profits and short term contrarian traders step in.
The latest fall comes on the back of downbeat retail sales down under, down 0.8% in July vs +0.2% expected. Meanwhile, Australia Q2 company profits were down 0.7% vs +1%, considerably worse than expected. Aug ANZ Job Ads -2.3% m/m, in newspaper ads -6.1%, internet ads -2.1%. Lastly, Aus Business Inventories were up 0.6% in July vs 0.3% expected, suggesting less products are coming out of warehouses. Overall, pretty appalling data which is sending the Aussie dollar lower.
The latest fall comes on the back of downbeat retail sales down under, down 0.8% in July vs +0.2% expected. Meanwhile, Australia Q2 company profits were down 0.7% vs +1%, considerably worse than expected. Aug ANZ Job Ads -2.3% m/m, in newspaper ads -6.1%, internet ads -2.1%. Lastly, Aus Business Inventories were up 0.6% in July vs 0.3% expected, suggesting less products are coming out of warehouses. Overall, pretty appalling data which is sending the Aussie dollar lower.
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