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Retail Sales, China buoy Aussie

03/04/2019

The Australian dollar (AUDUSD) lost ¾ of a cent in yesterday’s trading but has rallied strongly today and clawed it all back, currently trading at 0.7120. market analysis suggests that the currency has derived some benefit from the surprise uptick in the Chinese Services PMI data, coming in at 54.4 against expectations of 52.3. This is quite encouraging for Australia, who can expect to pick up some benefit from a surge in China. Australian Retail Sales data (released at 00:30 GMT) was also well ahead of expectations at 0.8% and printed its highest value in over a year. However, AUDUSD is currently sitting at a the first of two key resistance levels that sit quite closely together at 0.7120 & 0.7150. Closing above this will comfort bulls, a failure here would suggest another trip back to where it started the day: around the 0.7050 level.

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