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Australian dollar rises as dollar weakens after softer US retail sales
AUD/USD was up 0.3% near 0.7106, helped by softer US data and a thinner US calendar ahead of Fed minutes and jobs-related releases.
The Australian dollar edged higher as the US dollar weakened following softer US retail sales, with AUD/USD trading near two-month highs around 0.7129. FXStreet reports the pair was at 0.7106, up 0.3%.
The move came as US market sentiment stayed mixed and crude oil ticked higher on remarks attributed to President Donald Trump, who said he is not in a rush to end the US-Iran war. FXStreet links that development to renewed inflation concerns in the US, noting Treasury yields, including the 30-year, had reached levels last seen in 2007.
In the US economic calendar, the NY Fed Empire State Manufacturing Index rose to its highest level in four years, though sub-components were mixed. Ahead, FXStreet highlights the Federal Reserve’s last meeting minutes on August 19, followed by jobless claims and Flash PMIs on August 20 and 21, with traders also looking at housing data and the Federal Reserve’s Industrial Production report on August 18.
FXStreet also points to AUD/USD technical levels, saying the pair maintains a bullish near-term bias while holding above a cluster of supports around 0.7058 to 0.7087 and trading above grouped moving averages near 0.6992. The outlet cites resistance near 0.7111 and notes the RSI at 65 suggests firm but not extreme momentum.
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