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AUD/USD Testing 0.6500, Retail Sales On Tap Tomorrow

AUD

AUD/USD is testing 0.6500, fresh highs for the session, as we approach the London handover. A broad based USD pull back is the main driver. Moves are led by GBP (+1.20% and NZD (+1.14%), as has been the case for much of the session. The AUD/NZD cross is now back sub 1.1400. If AUD/USD gains extend, note Monday's intra-day high of 0.6550.

  • Other cross asset signals are helping, with equity futures for the US remaining in positive territory, while the likes of iron ore and copper have nudged up. But for now, this is mainly a USD story.
  • The market expects a 0.4% gain for August retail sales tomorrow, versus +1.3% in July. The focus will be on signs of softer spending momentum under the weight of numerous RBA rate hikes in recent months and broader cost of living pressures.
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