The Aussie may not be strong enough to reach stability. Overview for 06.02.2020
AUDUSD moved away from February lows, but there are risks that pressure on the Aussie may return.
The Australian Dollar is falling a little bit against the USD on Thursday. the current quote for the instrument is 0.6743.
After updating the bottom of October 2nd, 2019, the Aussie has been recovering for a couple of days. However, right now we can see that the positive momentum was mostly lost, while the market has no other positive catalysts to offer.
The statistics published in the morning showed that the Retail Sales in Australia lost 0.5% m/m in December after adding 1.0% m/m in November and against the expected reading of -0.2% m/m. The components of the report show that clothing, footwear, and personal accessory were okay (0.4% each), which means that the decline was forced by other categories, mostly non-food-goods.
It’s quite interesting that the indicator expanded by 0.5% q/q in the fourth quarter of 2019 against the expected reading of +0.3% q/q.
The NAB Quarterly Business Confidence remained at -1 point in the fourth quarter of 2019. Probably, it’s the result of drawn-out trade talks between the USA and China. As you remember, more or less variable solutions appeared only in November.
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