Aussie steady at start of week
February 1, 2021SharePrint
The Australian dollar has posted small losses on Monday. Currently, AUD/USD is trading at 0.7628, down 0.13% on the day. AUD/USD enjoyed its best week since October, with gains of just under 1 percent.
Australian numbers were mixed at the start of the week. The Melbourne Institute Inflation Gauge, which tracks inflation on a monthly basis, slowed to 0.2% in January, falling to a 3-month low. There was better news from Commodity Prices, which jumped 19.7%, its highest level since August 2017.
China released its PMI reports, which pointed to slower activity in January. The Manufacturing PMI fell to 51.3, down from 51.9. The Non-Manufacturing PMI showed a deeper slide, falling from 55.7 to 52.4, which was a 10-month low. The PMIs remain in expansionary territory, with readings above the neutral 50 level, but a resurgence in Covid-19 in China has led to slower expansion for the Asian giant. That could mean trouble for the Aust
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%.