Author: Dennis Li
With the risk-off sentiment currently dominating the global markets the Aussie dollar remains broadly under pressure against its major peers. The AUDUSD touched its lowest level since 12 February 2016 at 0.7062 after further strong US economic data released overnight.
There is potential in the next 24 hours for the AUD to break below support or experience a modest rally with local retail sales data out at 11:30am Sydney time and US non- farm payrolls data released tonight. The American data will be more closely watched now that they are at “full employment” with the market looking for signs of the elusive wage growth. Barring any real move after the release of the aforementioned data, China’s return to the markets after a week off may provide the spark for a decent move.
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