Aussie Building Approvals Tumble: AUD/USD
The AUD/USD has had a decent seven days, but we are kicking off Monday with some weak data to get things started.
The AUD/USD has had a decent seven days, but we are kicking off Monday with some weak data to get things started.
Building approvals have slumped, down -8.4%. This adds to the worries that we are seeing with the Australian property market, that I wrote about over the weekend.
This week the AUD/USD, will have a number of top-tier data releases, so it will continue to be closely watched.
The RBA interest rate decision is due out and while we expect no change in the official number, there is a mounting case for a more neutral stance on rates going forward.
We also have Retail Sales, which will be the data from the important December period which includes the Xmas shopping period.
Aussie Outlook
The AUD/USD tagged the major level at 0.7300 and is now back below the 0.7250 mark.
0.7050 and then 0.7000 are my next two key support levels below, with 0.7200 remaining as key support.
0.7300 is R1 and the most recent highs sitting at 0.7400.
The AUD/USD is only marginally lower on the day. The big news event that we also need to watch is the findings of the Royal Commission into the banking sector which will be due out at 4:10 pm Sydney time, after the close of Australian markets.
This could be a huge mover for the Aussie and certainly equities.
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