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Thursday Brings Fresh Monthly Low For AUD/USD

AUD

AUD/USD retreated Thursday as a drop in Australian unemployment rate was driven by a decline in employment and shrinking participation, while the greenback received a boost from a beat in U.S. retail sales later in the day.

  • The rate operates at $0.7295, little changed on the day. Losses past yesterday's low of $0.7274 would open up the 61.8% retracement of the Aug 20 - Sep 3 rally at $0.7248. Meanwhile, a clearance of Sep 10 high of $0.7410 would clear the way to Sep 3 high of $0.7478.
  • Tensions surrounding Australia's defence pact with the U.S. and the UK continue to simmer, with both China and France crying foul. The deal allows Australia to acquire nuclear-powered submarines and entails scrapping Canberra's deal with a French shipbuilder to build up to 12 vessels. In addition, New Zealand PM Ardern said that Australia's new submarines wouldn't be allowed to enter its waters.
  • Next week's highlights include RBA Sep MonPol meeting minutes (Tuesday), speech from RBA Asst Gov Bullock (Wednesday) and flash Markit PMIs (Thursday).
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