AUD/USD bulls pressured at key trendline support AUDUSD Currencies Technical Analysis RBA Fed
components were not as weak as some economists had feared. Core retail sales, which correspond most closely with the consumer spending component of gross domestic product, slipped 0.3% last month. However, despite March's fall, the gains in January and February put consumer spending firmly on track to accelerate in the first quarter. This led to the greenback bouncing back to life with the DXY adding 0.57% on the day at 101.53, after falling to 100.78, the lowest since last April.
Meanwhile and domestically, traders will look to the Reserve Bank of Australia´s minutes. Analysts at TD Securities noted that in recent speeches, governor Phillip Lowe and deputy governor Michele Bullock made it clear that the RBA wanted to pause to assess the impact of the rapid rate hikes and the. ´´Thus, we expect the Minutes to follow closely to their speeches and don't expect any surprises.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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