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AUD/USD still stuck to 0.7200 as domestic data slumps, trade headlines circle

2018-12-12 11:37:47Market Analysis
AUD/USD still stuck to 0.7200 as domestic data slumps, trade headlines circle

The AUD/USD paring is still trading around the 0.7200 level, cycling around the critical handle as Antipodean markets await a push in either direction.


Macro data for the Aussie domestic economy continues to disappoint, with Westpac's Consumer Confidence reading for December sliding to just 0.1% from the previous month's 2.8%, and when taken with Tuesday's slumping Housing Price Index data, the Aussie's lack of meaningful momentum is less than surprising.


Early Wednesday headlines see US President Trump dangling the prospect of the Canadian-arrested Huawei CFO's release is seeing a brief spark of bullishness in the Pacific-Asia session, with Trump publicly suggesting via Twitter that the CFO's 'release' could be used as a bargaining chip with the Chinese at the trade negotiating table, though how the US president would secure the Huawei employee's release while still under Canadian jurisdiction, and awaiting sentencing for extradition in a Canadian court. Nevertheless, the Aussie managed to kick upwards into 0.7225, but the region from 0.7180 to 0.7250 remains a tight consolidation range.