1 November 2001, 09:46 Forex - Australian dollar higher after Sept retail sales data
SYDNEY (FWN) - The Australian dollar was higher in late afternoon trade
after the better-than-expected September retail sales data, dealers said.
The Australian unit traded between a high of 0.5058 usd and a low of 0.5022
during the day.
Australian retail sales in September fell a seasonally adjusted 0.1 pct
from
August to 13.636 bln aud, but were up 6.5 pct year-on-year, the Australian
Bureau of Statistics said.
The median market expectation for September was for a month-on-month fall
of
0.5 pct, with expectations ranging from a fall of 1.5 pct to a rise of 0.2 pct.
IBJ Australia Bank foreign exchange trader Scott Lewis said the local unit
did "get a bit of a kick from the retail sales data. But overall, there was
some
short covering by short-term players in the market."
He said the Australian dollar may meet resistance from here to 0.5070 usd
and support at 0.5000-0.5020.
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