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Session Recap: AUD battered on Aus retail sales

FXStreet (Bali) - The Australian Dollar was the under-performer in Asia, with the US Dollar, again, ending as the strongest currency.

AUD/USD had a hard time absorbing 0.8745/50 offers, with the level rejected several times before heavy selling on Aus retail sales miss, taking the rate as low as 0.8660, about to enter a fresh low not seen since July 2010. NZD/USD was pressured lower, although not as heavily, on AUD negative flows, which led to the USD strengthening across the board. That spike higher in USD vs G10 also allowed USD/JPY to print yet a new high some pips above 110.00 before a retracement back towards 109.80. On the European currencies, while the Euro only saw marginal losses against the Greenback, the Sterling saw the 1.62 mark breached, leading to 1.6180 as intraday low.

On the fundamental space, Australia had a double whammy of bad news, first on a disappointing AIG performance of manufacturing index for September, which came at 46.5 vs 47.3 last, and secondly on a worse than expected retail sales reading, at +0.1% vs +0.4% exp. In Japan, the BOJ Q3 Tankan results saw a marked improvement in large manufacturing index and outlook, while the non-manufacturing index and outlook had a setback; also in Japan, the Markit/JMMA Manufacturing PMI for September was 51.7, unchanged from its preliminary reading. In China, the official PMI for September stood at 51.1 vs 51.00.

Indonesia Inflation (MoM): 0.27% (September) vs previous 0.47%

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GBP/USD has been on retreat since the Asia opening; the pair has dropped below 1.6200 and touched current intraday low at 1.6178 before settling at 1.6183.
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