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Forex - AUD/USD rises from one-week low after retail sales report

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Forex - The Australian dollar rebounded from a one-week low against its U.S. counterpart on Thursday, after official data showed that domestic retail sales rose by the most in 17 months in April.

AUD/USD hit 1.0659 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0643, gaining 0.28%.

The pair was likely to find support at 1.0508, the low of May 26 and resistance at 1.0752, Wednesday's high.

Earlier in the day, the Australian Bureau of Statistics said retail sales advanced 1.1% in April from a month earlier, when they declined a revised 0.3%. That was the biggest jump since November 2009 and almost three times more than the forecast 0.4% increase.

A separate report showed that the country's trade surplus narrowed more-than-expected in April as imported civil aircraft outpaced rising exports of metal ores and minerals.

The excess of exports over imports was AUD1.6 billion, from a revised AUD1.69 billion surplus in March, the Bureau of Statistics said. Analysts had expected a surplus of AUD2 billion.

The Aussie was also up against the yen, with AUD/JPY rising 0.33% to hit 86.19.

Later in the day, the U.S. was to publish its weekly report on initial jobless claims, as well as revised data on non-farm productivity and labor costs. The country was also to publish official data on factory orders.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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