Aussie slides despite sharp retail sales
January 11, 2021SharePrint
The Australian dollar has started the new trading week with sharp losses. AUD/USD is currently trading at 0.7685, down 0.91% on the day. The Aussie finds itself in the unusual position of being on a mini-slide, as the US dollar is finally showing some signs of life.
US yields boost dollar
Solid Australian data on Monday could not stem the Aussie’s slide against the US dollar. On the inflation front, the Melbourne Institute Inflation Gauge rose 0.5% in December, up from 0.3 per cent. The reading marked a 5-month high, pointing to stronger economic activity. Retail sales jumped 7.1% in November, an almost identical gain to the previous release of 7.0%. This strong reading edged above the forecast of 7.0%.