The AUD/USD pair trades above the 0.7200 price line heading into the Asian opening, boosted by a broad US Dollar weakness. The pair’s advance was reduced by mixed Australian data, as the country published the November Trade Balance, which posted a excess of $9.42 billion, below the 10.6 billion expected. In contrast, Retail Sales in the same month were up 7.3% much better than the 3.9% expected.
Another factor supporting the pair was gold. The bright metal surged to a fresh weekly high of $1,819 a troy ounce, its highest for this week. Meanwhile, the greenback came under selling pressure amid comments from US Federal Reserve chief Jerome Powell, who rolled the ball for reducing the balance sheet may be for later this year.
We remain Bullish on the Aussie for today.
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