AUD/USD declines towards 0.6700 amid weak Aussie Retail Sales and China’s Covid protests – by Sagar_Dua24 AUDUSD RBA RetailSales Fed RiskAppetite
AUD/USD remains muted on a negative growth in Retail Sales as China’s Covid-inspired risks carry enough weight.The USD Index is holding its gains above 106.00 amid a decline in investors’ risk appetite.
The AUD/USD pair has not responded well to the downbeat monthly Retail Sales data as reported by the Australian Bureau of Statistics. Thehas landed in negative territory at 0.2% vs. consensus of 0.4% growth and the prior release of 0.6%. The Aussie asset is expected to decline to 0.6700 as weaker retail sales data will join anti-Covid lockdown protests in China.
A slowdown in Retail sales might impact the Aussie dollar but will delight the Reserve Bank of Australia . A slowdown in retail demand usually propels a decline in the inflation rate. RBAis spending sleepless nights developing strategic plans to scale down inflation in Australia. The Australian inflation displayed a historic surge in its third-quarter report, which forced the RBA to escalate its inflation guidance to 8.0%.
Apart from that, anti-Covid curb protests in China have triggered a risk-aversion theme. Commodity-linked currencies are facing sheer heat amid a decline in theof investors. Frustration led by prolonged Covid-19 curbs by Chinese authorities has forced individuals to shout slogans of ‘XI Jinping goes down. A demand for democracy over dictatorship could propel civil risks in China.
It is worth noting that Australia is a leading trading partner of China and China’s weaker economic prospects could have a significant impact on the Aussie dollar. is holding a majority of its gains above 106.00 amid an improvement in safe-haven’s appeal. S&P500 futures have extended their losses portraying a cautionary mood of the market participants.
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