AUD/USD added to Wednesday’s decline and breached the key support at 0.6500 on the back of the firmer note in the US Dollar (DXY) on Thursday.
AUD/USD traded on the defensive and broke below 0.6500. Further weakness could drag spot to the 2024 lows. Retail Sales in Australia increased 1.1% MoM in January. AUD/USD added to Wednesday’s decline and breached the key support at 0.6500 on the back of the firmer note in the US Dollar on Thursday.
Regarding the Reserve Bank of Australia , it is hoped that the central bank's cautious approach should help alleviate substantial downward pressure on the AUD. The RBA is seen as one of the latest major central banks to initiate interest rate cuts, which contributes to this expectation. A look at the data releases Down Under show the Housing Credit expanded by 0.4% MoM in January, and preliminary Retail Sales rose by 1.1% on a monthly basis also in January.
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