AUD Trading Outlook
The Australian Dollar (AUD) had eased on the back of disappointing Retail Sales number coming in at 0.2%, added to a fall in Building Approvals of -10.7% for the month of October. Further pressure on the AUD was seen as China PMI fell from 50.4 to 49, justifying the previous days surprise cut of China’s RRR. The AUD recorded a low of 1.0150 before rebounding to 1.0270 in the US session of trade.
The Australian Dollar (AUD) was the best performing currency on Wednesday, rebounding off lows of 0.9943 back above the parity level first and foremost post China RRR cut news, before the news of Central bank joint efforts saw the currency leg up further to 1.0330, attributing to a 400 point move in quick succession. UPDATE: Aussie Dollar eases from overnight highs as October Retail sales come in at 0.2% vs 0.4% forecast, whilst Building approvals fall -10.7%. China PMI in at 49 adds further pressure to the AUD trading at 1.0225 in Asia
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