National Australia Bank: Australian dollar/dollar rises above 1.10 are hard to sustain

On Thursday (September 1) in Asian afternoon, the AUD/USD slightly declined, traded at 1.0700, hit 1.0692 at the lowest, fell below 1.0700 again. Earlier Australian data helped the Australian dollar to hit a four-week high. 1.0721.

Australia's adjusted monthly retail sales rose by 0.5% in the July quarter after Thursday's adjusted market was better than the market's forecast and previous value. It also emerged from the June recession. In addition, China's official manufacturing purchasing managers' index was 50.9 in August. At the previous value, this would be conducive to the export of raw materials in Australia, which will affect the rapid rise of the Australian dollar and hit a four-week high of 1.0721.

Emma Lawson, a currency strategist at NAB, said that if Australia's retail sales or capital expenditures are better than expected, the expectations of the Reserve Bank of Australia (RAB) to cut interest rates will cool, which is good for the Australian dollar.

He also pointed out that although the data is conducive to the Australian dollar, but after the break 1.1000 continue upward weakness, he expects Australia's trade volume has peaked, which means that the exchange rate exceeded 1.1000 some too far.

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