AUD/USD pays a little heed to Aussie Preliminary Retail Sales, probes 0.6300
- AUD/USD fails to cheer a heavy rise in the Aussie Retail Sales figures.
- Market’s risk-tone dwindles after mixed messages from the US, Japan.
- Virus updates, actions to placate oil traders will be important to watch.
AUD/USD fails to respect a heavy rise in Australia’s March month Retail Sales as the quote fails to rise much and keeps probing 0.6300, up 0.17% on a day, amid the early Wednesday.
Australia’s Preliminary Retail Sales, grew a whopping 8.2% MoM in March versus the previous 0.5% readings. The final figures will be out on May 06.
Read: Australia Retail Sales (Preliminary) March: +8.2% MoM
Earlier during the day, the market’s trade sentiment was challenged from the further downside after US President Trump cited near 20 states’ readiness to re-open. Also contributing to the risk reset could be the US Senate’s passage of $484 billion aid package.
Even so, the Reuters tally of the US coronavirus (COVID-19) figures, as well as doubts over the drug championed by the President Donald Trump, weighed on the risk-on sentiment.
Also checking the risk reset could be the headlines suggesting that the BOJ will further downgrade its economic forecasts.
That said, the US 10-year Treasury yields seesaw around 0.57% with no major gains while stocks in Asia flash mixed signals by the press time.
Given the light economic calendar, traders will keep eyes on the US headlines as well as news to placate oil traders after the heavy fall, for near-term direction.
Technical analysis
A weekly falling trend line near 0.6380 restricts the pair’s short-term recoveries, which in-turn highlight the March-end top near 0.6215 for sellers.