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Friday 23 June 2017
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Forex – Aussie falls further on weak retail sales, budget ahead

Forex6 hours ago (May 08, 2017 10:25PM ET)

© Reuters. Aussie weaker

The Aussie fell further on Tuesday as retail sales figures disappointed and investors awaited Prime Minister Malcolm Turnbull’s second budget and with regional focus on the presidential election in South Korea.

AUD/USD traded at 0.7362, down 0.34%, while USD/JPY changed hands at 113.22, down 0.03%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.02% to 99.01.

Australia reports its federal budget for the fiscal year starting July 1 with housing policies in focus.

Australia reported retail sales for March fell 0.1% and edged up 0.1% in the first quarter, missing expected gains of 0.3% and 0.4% respectively.

In South Korea, markets are shut for the country’s presidential election that opinion polls show favors Moon Jae-in of the Democratic Party of Korea, who is seen as a more liberal candidate on the economy and policies dealing with North Korea.

Overnight, the dollar traded higher against a basket of major currencies on Monday, supported by a slump in the euro, as investors took profit in the single currency after Emmanuel Macron’s victory in the French presidential election.

Centrist candidate Macron won the race to the French presidency, defeating anti-EU candidate by a landslide margin, after he garnered 66% of the French vote.

The euro spiked to the upside, following Macron’s victory but gains were pared, after investors decided to take profit, following a two-week rally in the single currency. Meanwhile, investors mulled over the potential obstacles facing
Macron as he seeks to implement his proposed program of economic reforms.

Forex – Aussie falls further on weak retail sales, budget ahead

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