Investing.com – The Australian dollar trimmed losses against its U.S. counterpart on Thursday, pulling back from the daily low hit after official data showed that Australian retail sales fell unexpectedly in October.
AUD/USD clawed up from 0.9626, the daily low, to hit 0.9683 during European morning trade, shedding 0.02%.
The pair was likely to find support at 0.9535, Wednesday’s low and a 10-week low and resistance at 0.9816, the high of November 26.
Retail sales fell by a seasonally adjusted 1.1% in October from September, with discretionary spending on cafes, restaurants and clothing hit hard, according to the Australian Bureau of Statistics. It was the largest monthly fall in retail sales since July 2009. Economists expected a rise of 0.4%.
The weak retail sales report followed Wednesday's news that the economy grew at its slowest pace in two years in the third quarter and further damped speculation of a near-term interest rate rise by the Reserve Bank of Australia.
Meanwhile, a seperate report showed that Australia posted a larger-than-expected trade surplus of AUD2.63 billion in October, compared with an expected surplus of AUD2.0 billion. Imports fell 3% over the month and exports rose 1%.
The Aussie was also down against the euro, with EUR/AUD rising 0.49% to hit 1.3633.
Later in the day, the U.S. was to publish key weekly data on initial jobless claims as well as a report on pending home sales.
AUD/USD clawed up from 0.9626, the daily low, to hit 0.9683 during European morning trade, shedding 0.02%.
The pair was likely to find support at 0.9535, Wednesday’s low and a 10-week low and resistance at 0.9816, the high of November 26.
Retail sales fell by a seasonally adjusted 1.1% in October from September, with discretionary spending on cafes, restaurants and clothing hit hard, according to the Australian Bureau of Statistics. It was the largest monthly fall in retail sales since July 2009. Economists expected a rise of 0.4%.
The weak retail sales report followed Wednesday's news that the economy grew at its slowest pace in two years in the third quarter and further damped speculation of a near-term interest rate rise by the Reserve Bank of Australia.
Meanwhile, a seperate report showed that Australia posted a larger-than-expected trade surplus of AUD2.63 billion in October, compared with an expected surplus of AUD2.0 billion. Imports fell 3% over the month and exports rose 1%.
The Aussie was also down against the euro, with EUR/AUD rising 0.49% to hit 1.3633.
Later in the day, the U.S. was to publish key weekly data on initial jobless claims as well as a report on pending home sales.