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Market News AUD/USD Is Still Being Sold Off Around 0.6550, With Attention Focused On The Jobs Figures In Australia

AUD/USD Is Still Being Sold Off Around 0.6550, With Attention Focused On The Jobs Figures In Australia

As the USD strengthens, the AUD/USD pair continues to decline at 0.6550. US retail sales exceeded forecasts in December, coming in at 0.6% MoM compared to 0.3% the previous month. The Reserve Bank of Australia (RBA) expects to see just two rate reductions this year, continuing its conservative outlook. Highlights on Thursday will include the Australian Unemployment Rate and Employment Change for December.

TOP1 Markets Analyst

2024-01-18

12308

During Thursday's early Asian session, there is still selling pressure on the AUD/USD pair. The depressing statistics from China and the overall strengthening of the US dollar (USD) are the main causes of the pair's decline. After rebounding from the recent six-week lows at 0.6520, the AUD/USD pair is now trading at 0.6552, up 0.04% for the day.

US retail sales increased 0.6% MoM in December from 0.3% in November, according to data released by the Commerce Department on Wednesday. This increase was more than the 0.4% prediction. In contrast, the Retail Sales Control Group had stronger-than-expected growth in December, rising 0.8% MoM from the prior figure of 0.5%.

For the fourth day in a row, the Greenback strengthens as prospects of a rate decrease by the Federal Reserve (Fed) diminish. Although Fed Governor Christopher Waller stated on Tuesday that any rate reductions this year should be done "methodically and carefully," the US central bank is unsure that inflation will hit 2%.

In Australia, the cash rate is now 4.34% following a 25 basis point (bps) increase at the Reserve Bank of Australia (RBA) meeting in November. The US financial markets have priced in six rate cuts by the end of the year, while the RBA sticks to its conservative projection of just two this year. On Thursday, investors will be watching Australia's labor statistics for more momentum. It is projected that in December, the unemployment rate will stay at 3.9%.

Market participants will be eagerly observing the Australian employment statistics later on Thursday, particularly the December Employment Change and Unemployment Rate. The Philly Fed Manufacturing Index, building permits, housing starts, weekly initial claims, and building permits are due on the US docket.