The Aussie Dollar registered solid gains against the US Dollar on Monday, edged up by 0.55% on an improvement in risk appetite, while the Greenback was crushed by Japanese authorities' intervention.
AUD/USD advances on improved risk sentiment and the impact of Japanese intervention on the US Dollar. US economic data shows a slight decline in the Dallas Fed Manufacturing Index. The Federal Reserve’s is expected to maintain current interest rates on May 1. Upcoming Australian Retail Sales and China's PMI data could further influence AUD/USD movements. The Aussie Dollar registered solid gains against the US Dollar on Monday, edged up by 0.
Aside from this, Australia’s economic docket will feature March’s Retail Sales, which are expected to dip from 0.3% to 0.2% MoM, indicating further weakness. If the number comes as expected, the AUD/USD could drag lower, but after breaching the 200-day moving average of 0.6524, that could be seen as the first support. Otherwise, an upbeat result could underpin the Aussie, as strong sales would mean the Reserve Bank of Australia must keep rates at the current level.
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