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AUD/USD looked through a strong Australian labour market report and extended losses into Thursday's London morning amid broader risk aversion. The rate failed to retake neutral levels, despite a late doors recovery, as an IMF warning against hurdles to global economic recovery & the unwind of some of the Fed's support facilities weighing on sentiment.

  • The heavy tone has spilled into early Asia-Pac trade. The rate last sits at $0.7271, 16 pips worse off. A fall through Nov 13 low of $0.7222 would open up the 50-EMA at $0.7190. On the flip side, a clearance of Nov 9/17 highs of $0.7340 would bring Sep 16 high of $0.7345 into play.
  • Flash retail sales headline the Australian docket today. Next week's highlights include flash Markit PMIs (Monday), flash trade balance and a speech from RBA Dep Gov Debelle (Tuesday), completed construction work (Wednesday) and private capex (Thursday).
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