Aust dollar dips to 101.6 US cents
The Australian dollar fell after official data showed a continuing weakness in Australia’s retail sector.
The local currency dropped this morning after figures from the Australian Bureau of Statistics showing retail trade was flat in November, compared to economists’ predictions of a 0.3 per cent rise.
At 1700 AEDT on Monday, the Australian dollar was trading at 101.67 US cents, down from Friday’s close of 102.27 US cents.
Since 0700 AEDT on Monday, the local currency has moved between 101.46 US cents and 102.15 US cents.
Commonwealth Bank currency strategist Joseph Capurso stated the market had shown very tiny movement, except for its response to the retail trade data.
Those figures were a lot weaker than expected, so the Aussie dollar lost about half a cent after that report was released,” he said.
“It’s now tracking a tiny bit higher.”
Mr Capurso stated there was plenty of international data this week to shape where the Aussie dollar could go, but warned that it could drop lower on negative European sentiment.
“We’ve got Chinese GDP (gross domestic product) figures for the December quarter and trade balance, as well as US retail trade and quite a few debt auctions in Italy, Greece and Spain,” he said.
“All of that will be a real focus for the marketplace.
“I think there is a good chance the dollar will head under parity by the end of the week – its partly to do with thinner volumes, but mostly the weaker global economic outlook, and stronger US dollar based on positive data there.”
source : www.wabusinessnews.com.au
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Submited at Monday, January 9th, 2012 at 10:00 pm on Business by ethan
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