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AUD continues to climb higher
AUD - Australian Dollar
The Aussie continues to climb against the USD, reaching its highest trading level since June 2018 as the Reserve Bank of Australia advises it is still ruling out a negative official cash rate.
The AUD found further support on the back of negative US data which showed November retail sales decreasing more than usual at -1.1% compared to a forecasted -0.3% due to a depleted fiscal stimulus. Furthermore we saw positive Aussie data with a recovery in employment for November with seasonally adjusted employment increasing by 90,000 people between October and November, and the unemployment rate figures coming in at 6.8% compared to it’s forecasted rate of 7.0%.
The AUD opened against the USD at 0.7624 this morning.
Key Movers
The Bank of Japan held their final central bank meeting of the year last Friday afternoon. As it is one the primary tools the Bank of Japan uses to communicate with investors about monetary policy, it has a major impact on the JPY. The BoJ unveiled a plan that outlined effective ways in order to achieve its 2% inflation target and kept their monetary policy steady as expected. They have also advised they will extend their funding programs by 6 months to ease pandemic strain.
It is a quiet week up ahead in terms of macroeconomic news, with the US and Canada releasing their GDP data on Wednesday and Thursday respectively. Showing the change in inflation-adjusted value of all goods and services produced by the economy, it is the broadest measure of economic activity and the primary gauge of the economy’s health.
Expected Ranges
AUD/CAD: 0.9650 - 0.9865 ▲AUD/EUR: 0.6140 - 0.6335 ▲
GBP/AUD: 1.7480 - 1.8020 ▼
AUD/NZD: 1.0635- 1.0785 ▲
AUD/USD: 0.7515 - 0.7735 ▲