Last Week Market Recap
Monday 16th January 2016
Gained sharply last week as disappointment from U.S. president elect Donald Trump’s first press conference since the election weighed heavily on the Greenback, with very little economic data out of Australia. The rate began the week rallying off of its weekly low of 0.7287 after Australian Build Approvals increased by +7.0% m/m versus an expectation of a +4.6% increase. The pair then gained a fraction on Tuesday despite Australian Retail Sales increasing by +0.2% versus +0.4% that was expected. On Wednesday, the rate extended its gains after U.S. president-elect Donald J. Trump failed to give indications of his policies at his first post-election press conference. The pair then made its weekly high of 0.7518 despite a better than anticipated U.S. Initial Jobless Claims number. The rate gained another fraction on Friday after the United States reported mixed Retail Sales and PPI data. AUD/USD closed at 0.7502, with a gain of 2.9% from its previous weekly close.