By Krishna K — May 06 - 10:05 PM
AUD/USD gives up gains, trades flat on the day after 2nd rejection at 0.6650
Pair had failed to break this level on Friday after soft jobs data
Australian retail sales volumes fell by more than expected in March quarter
Real retail sales -0.4% in Q1, under market expectations for a fall of 0.2%
Elevated costs of living, high interest rates deter consumers from spending
RBA rate decision due; c.bank expected to hold rates, sound more hawkish
Some expect RBA to revert to tightening bias after turning neutral in Mar
Flip in one month unlikely as demand concerns mitigate effect of high CPI
AUD downside limited as RBA-Fed rate expectations diverge
Resistance 0.6645-50, support 0.6600-05; range in Asia 0.6649-0.6621
For more click on FXBUZ
Source:
Refinitiv IFR Research/Market Commentary