Author: Dennis Li
On Friday, China announced it is planning to offer the US a more-than-$1 trillion increase in American imports over a six-year period. The US dollar rallied by 0.27% against a basket of 6 major currencies with the US Dollar index breaking through the 96.30 resistance level. Wall Street also had a solid session with all three major indices posting gains for the fourth straight week. Even though market risk appetite seems improved, the AUDUSD did not receive much support and continues to be under pressure from 0.7200.
With China to publish its 2018 Q4 GDP data and December retail sales data this afternoon and Australian employment data to be announced Thursday this week, it will be interesting to see if the AUD can continue to hang on to the current level or reverse further to 0.7100 against the USD.
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