11:50 AM (AEST) Australian Retails Sales for January was slightly better than the +.4% expectation at +.5%. The AUD remains whithin striking distance of some solid resistance at 1.0200 that has held for a couple of sessions in the face of a weak USD.
All eyes now are on the RBA cash rate announcement in 2.5hrs time. All expect the cash rate to remain unchanged, but the statement will hold the key to moves from here. A more positive account of the current economic environment should see the AUD test this strong resistance and potentially open up the way to new post-float/modern era highs. Of course a more downbeat account of circumstances could see the bulls retreat quickly and a softer consolidation of the AUD from here would mean the resistance between 1.0200-1.0250 will become all the more meaningful.
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