FX_IDC:USDAUD   U.S. Dollar / Australian Dollar
After quite a volatile Thursday, the overnight trade was calm and almost uneventful. The Retail Sales data set the Aussie up: the sales did not grow at all in September after having fallen by 0.6% in August.
AUD/USD slid below the 0.77 area and touched the lows at 0.7669. This was a bearish sign which may lead to the consolidation in the current range 0.7670/ 40 at best.
The last risk event for this week was the US jobs and wages data release. It is worth mentioning that this release used to be a market mover, but it has not been that important lately because it is obvious now that the problem is not the labour market, but the inflation . In October nonfarm payroll employment rose by 261,000, but the unemployment rate fell to the lowest level since 2001 at 4.1%. Even these dismal figures could not save the Aussie.
We think that the NFP data will hardly influence the Fed’s intentions. This will support the US dollar , and the next bearish target for the pair is the area of August lows at 0.7420.


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