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Australian Dollar Fails to Rally vs. US Dollar

January 10, 2017 at 10:01 by Vladimir Vyun

A heap of Australian dollarsThe Australian dollar attempted to rally versus its US counterpart during the Tuesday’s session but has failed and is trading below the opening level as of now. The Aussie also dropped against other most-traded currencies.

Today’s economic data from Australia was not impressive, with retail sales rising just 0.2% in November from October versus the median forecast of 0.4% growth. Reports from China, Australia’s biggest trading partner, were mixed. The Producer Price Index rose as much as 5.5% in December from a year ago, much more than markets had anticipated. At the same time, the Consumer Price Index increased 2.1%, slower than in the previous month and trailing market expectations.

AUD/USD opened at 0.7353, rallied to the daily high of 0.7384, but backed off to trade at 0.7348 as of 9:51 GMT today. AUD/CHF declined from 0.7461 to 0.7439.

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