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Forex: AUD/NZD prints fresh 29-month lows on poor Aus retail sales data

As AUD/USD keeps falling printing fresh 2013 lows, last at 1.0346, following weak retail sales figures in Australia, so does AUD/NZD cross, last at 1.2256, fresh 29-month lows, with NZ markets closed today over holiday. Australian retail sales for the month of December showed a decline of -0.2% on a monthly basis, coming from a previous of -0.1% and revised lower to -0.2%, making it fourth consecutive month with decreasing data.

Now focused on tomorrows Aussie jobs data at 00:30 GMT, bit later than NZ ones, in case the unemployment figure disapointed, chances for another RBA rate cut in March's next meeting are increasing, following latest RBA more dovish than expected statement. AUD/USD now stalls around Dec lows at 1.0340, while AUD/NZD cross loses -0.27% for the week so far, with weekly RSI 14 at 32.

Immediate support to the downside for AUD/NZD lies at July 26 2010 lows 1.2206, followed by July 2010 lows at 1.2096, and April 2009 lows at 1.2026. To the upside, closest resistance comes at Monday's previous weekly lows 1.2278, followed by yesterday's London session lows at 1.2311, and yesterday's weekly highs at 1.2424.

Australian retail sales Dec under-delivers; heightened expectations RBA cut

Retail sales in Australia came much lower-than-expected, down 0.2% in December vs a +0.3% rise analysts had been calling for. To make it worse, previous month -0.1% was revised lower to -0.2%.
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Forex Flash: Euro benefiting with reduction in risk, not with economic recovery - HSBC

The Euro has been strongest currency among majors since year started, followed by the Kiwi and Swiss Franc, but not because markets think the UE it's on its way to a “full-blown economic recovery,” but because of a reduction in risk, the HSBC Global Currency Strategy Research Team believe.
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