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Firmer

AUD

Firmer commodity markets and a beat in Australian retail sales, which grew in Nov at the fastest pace since May 2020, lent support to the Aussie dollar on Tuesday. Although AUD/USD eased off in European hours, it bounced sharply as the greenback went offered after a congressional hearing of Fed Chair Powell, who wasn't as hawkish as some may have expected.

  • AUD/USD operates at $0.7209, virtually unchanged on the day. Bulls look to a move through the nearby Jan 6 high of $0.7223, which would bring Dec 31 high of $0.7278 into play. On the downside, focus falls on Dec 22 low of $0.7121, followed by Dec 20 low of $0.7082.
  • Australian job vacancies headline the local data docket today, with housing finance data coming up Friday.
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