The Australian dollar marked a third-straight day of losses against the world's reserve currency on Thursday amid growing confidence the U.S. will cease stimulus measures later this year, according to Bloomberg.
The U.S. is preparing to release labor market data on Friday, which analysts and economists polled by the news service anticipate will be strong. That would help the Fed's decision-making process regarding debt purchases. The Aussie fell against each of its 16 major rivals, which included diving to its lowest value since 2009 against the New Zealand dollar.
But the South Pacific nation released strong retail sales data on Thursday. The metric from November climbed 0.7 percent from the month prior, trumping the 0.4 percent rise forecast by Bloomberg-polled economists.
"Retail sales surprised to the upside yet again," states a Thursday client note authored by head of Australian economic and fixed-income strategy Su-Lin Ong with Royal Bank of Canada in Sydney, according to Bloomberg. "The odds are that sales finished 2013 on a firm note."
The Aussie fell roughly 0.3 percent against the U.S. dollar on Thursday.
A strong private-sector jobs report released on Wednesday in the U.S. bodes well for the Friday release of U.S. Labor Department employment data, according to the Wall Street Journal.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.