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Currency Market Analysis

Dec 06, 2019 | Currency Market Analysis

Global Themes

Aussie hit by retail sales; US jobs due

• Aussie turns at three-week highs
• Retail sales disappoints
• US jobs due

Retail sales hit

The Australian dollar’s recent rally turned lower yesterday after a poor number from local retail sales.

October retail sales came in flat, versus expectations for a 0.3%, with a large drop in department store sales, and clothing and toys, the main impediments.

The weak retail sales data followed Wednesday’s poor September-quarter GDP.

AUDGBP at three-year lows

The AUDUSD fell 0.2%.

The biggest losses for the Aussie were seen in Europe with a strong showing from Boris Johnson’s Conservative Party in the latest polls boosting the British pound and euro.

The AUDGBP fell 0.4% while the AUDEUR fell 0.3%.

The AUDJPY dropped 0.2%.

US jobs

Tonight’s main focus is on the US non-farm payroll employment report due at 12.30am AEDT.

The market is looking for 180k new jobs, with forecasters hoping for a rebound after last month’s weaker 128k jobs.

The unemployment rate is expected to remain steady at 3.6%.

After a good rally over the last two months, the USD weakened this month. Tonight’s job numbers will be key.

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