The Australian Dollar is slightly weaker this morning when valued against its US counterpart. Overnight the AUD/USD pair fell to a fresh yearly low of 0.7259 on the back of falling equities market which fell to fresh multi-month low amid the unstoppable decline of the Turkish Lira. The lira is still under pressure this morning but is holding within yesterday’s range against the USD.
On the data front today, China will release Industrial Production and Retail Sales, both for July. Industrial Production is expected to have increased by 6.3%, while sales are seen up 9.0%, matching June's reading. While locally we will see the release of the July NAB's Business Confidence and Business Conditions indexes, seen unchanged at 6 and 15 respectively.
From a technical perspective, the AUD/USD pair is currently trading at 0.7272. We continue to expect support to hold on moves approaching 0.7250 while now any upward push will likely meet resistance around 0.7290.