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The Aussie dollar takes the top spot again this week, likely riding higher against the majors on continued positive risk sentiment. We also got positive updates from low tier economic events from Australia that may have contributed to the Aussies gains, in what was mostly a quiet week in the FX markets.

Overlay of AUD Pairs: 1-Hour Forex Chart
Overlay of AUD Pairs: 1-Hour Forex Chart
AUD Weekly Performance from MarketMilk
AUD Weekly Performance from MarketMilk

Australia Headlines and Economic data

Monday:

No major news or catalysts from Australia on the session, but we did see a uniform move higher in AUD against the majors during the U.S. session. This was likely mainly driven by positive risk sentiment, likely driven by the overall themes of further covid stimulus and recovery expectations

Tuesday:

Australian business confidence improves in Jan, activity off highs

“National Australia Bank’s NAB.AX index of business confidence doubled to +10 points in January, while its measure of conditions fell to +7 from a very strong +16 in December.”

Wednesday:

Australia’s Westpac consumer sentiment index recovered by 1.9% after earlier 4.5% drop

RBA’s Harper Says Australia ‘Way Off’ an Asset-Price Bubble

Thursday:

Inflation Expectations in Australia decreased to 3.40 percent in January from 3.50 percent in December of 2020.

Treasury secretary Steven Kennedy says Australian economy recovering faster than anticipated

“However, officials do not know how many of the 1.6 million workers supported by the scheme will be jobless when it ends on March 28.”

Friday:

Victoria to enter lockdown with fans barred from Australian Open