Australian dollar heads north on firm retail sales

Australian dollar heads north on firm retail sales

On Friday, the Australian dollar managed to surge in Asia following Australia’s data of retail sales for November – the reading turned out to be better than anticipated.

As a matter of fact, sales in Australia tacked on by 0.4% month-on-month, in contrast with the 0.3% leap recorded in October. The given outcome is also above experts’ forecast of a 0.3% leap.

Besides this, the evergreen buck tumbled after Fed Chair Jerome Powell repeated that the major financial institution of America could afford being patient on monetary policy. By the way, on Thursday, Powell’s remark was echoed by Fed Vice Chairman Richard Clarida.

Evaluating the American dollar’s purchasing potential in contrast with its major rivals the USD index hit 94.933, losing 0.2%.

Some experts told that financial markets have already priced in that the US key bank won’t lift rates any further. They don’t expect the Fed to cut rates just to make the evergreen buck weaker.  

Besides this, the currency pair USD/CNY slumped by 0.6% being worth 6.7460 due to the fact that China’s major bank set the Chinese Yuan reference rate at 6.7909 in contrast with the previous day's reading of 6.8160.

The China-US trade clash is still in focus after on Thursday Steven Mnuchin , US Treasury Secretary told that Chinese Vice Premier Liu He might come to Washington later this month. He added that he hopes that the US government shutdown won’t have an impact on the trade conflict between the two leading economies.  

On Wednesday, America and China concluded the latest round of trade negotiations.  As China’s Commerce Ministry revealed, talks with the opponent were detailed and extensive and both sides agreed to continue to be in touch.

Additionally, the currency pair USD/JPY dived by 0.1% being worth 108.29.

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