FXstreet.com (Barcelona) - The Aussie dollar is printing fresh lows in the vicinity of 1.0415/20 on Thursday, dragged by mixed data from the Australian economy: Building Permits rose less than expected 12.8% YoY in February, while Retail Sales expanded 1.3% on a monthly basis vs. 0.3% forecasted.
“All up, today’s data provides more comfort to the RBA that earlier rate cuts are translating into stronger activity. There is still a question mark on the non-mining investment outlook and concerns over the high AUD, but with strong retail data coming through it reduces the pressure on the RBA to cut again in the near-term”, comments Spiros Papadopoulos, Economist at NAB.
AUD/USD is now losing 0.28% at 1.0430. Next support levels are located at 1.0391 (daily cloud top) and then 1.0387 (MA200d). On the upside, a break above 1.0498 9high Apr.3) would expose 1.0555 (high Jan.24).