Partner Center
Find a Broker
The Australian dollar takes a hit against the majors on a combination of the potential economic hit from the massive Australian bushfires and global geopolitical fears.
Australia Headlines and Economic data
Monday:
- Australia Manufacturing PMI up 0.2 to 48.3 (SA) in December
- Australian fires hit key dairy regions, adding to woes from drought
Tuesday:
- Australia AIG job advertisements down by 6.7% in Dec
- Australia strengthens bushfire defenses as economic, environmental costs mount – it’s likely RBA rate cut bets were building as fears mount over economic hit from fires
Wednesday:
- Australia’s building approvals jumps by 11.8% vs. 2.1%
- Big spike lower in Aussie pairs risk assets fell on news that Iran fired missiles at U.S. bases in Iraq. Sentiment quickly shifted 180 degrees not too long after the attack after Iran announces it was not seeking further escalation. Market fears continued to fade into the weekend as the risk of further escalation did continue to decline through the rest of the week.
Thursday:
- Australian weather agencies see no sign of rain to quell bushfires soon
- Australian trade balance expanded from 4.08B to 5.80B AUD vs. 4.10B AUD forecast
Friday:
- AIG’s services PMI drops from 53.7 to 48.7 in December
- Australian Retail Sales Jump Most in 2 Years on Black Friday – the broad rally in the Aussie against the majors correlates with this news, but was also likely on rising positive global risk sentiment as the U.S.-Iran military conflict risk faded.
