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May 06 - 11:55 PM

AUD/USD - Eases After Failure At 0.6650; Retail Sales Miss

By Krishna K  —  May 06 - 10:05 PM
  • AUD/USD gives up gains, trades flat on the day after 2nd rejection at 0.6650

  • Pair had failed to break this level on Friday after soft jobs data

  • Australian retail sales volumes fell by more than expected in March quarter

  • Real retail sales -0.4% in Q1, under market expectations for a fall of 0.2%

  • Elevated costs of living, high interest rates deter consumers from spending

  • RBA rate decision due; c.bank expected to hold rates, sound more hawkish

  • Some expect RBA to revert to tightening bias after turning neutral in Mar

  • Flip in one month unlikely as demand concerns mitigate effect of high CPI

  • AUD downside limited as RBA-Fed rate expectations diverge

  • Resistance 0.6645-50, support 0.6600-05; range in Asia 0.6649-0.6621

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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