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A$ Dip Sub 0.6700 Supported, Retail Sales On Tap Today

AUD

AUD/USD ended Monday's session marginally higher, last at 0.6720 in early Tuesday dealing. Dips to 0.6675/80 were supported, but like other G10 pairs, the AUD tracked familiar ranges for Monday's session.

  • Broad levels remain intact for the currency, Jan 5 lows at 0.6641 mark the downside, while Jan 3 highs at 0.6771 sit on the topside.
  • A$ dips were supported by a softer US yield backdrop, coupled with higher global equities, although AUD didn't outperform JPY for the session.
  • The Bloomberg aggregate commodity price index fell 1.25% in Monday trade, as lower oil prices weighed. The metals index fell by nearly 1%. Iron ore sits up from recent lows around $137/ton.
  • On the data front today we have Nov retail sales, +1.2%m/m is forecast against -0.2%prior. Nov building approvals are also out. -2.0% is forecast, +7.5% was the prior outcome.
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