The Aussie lost again versus the greenback in last Friday’s trading. The AUDUSD fell to and settled at 0.9041 from 0.9074. Can the Aussie get back on its feet and win against the dollar this week? Perhaps.
Earlier today, Australia’s HIA new home sales were issued. The account unexpectedly slipped by 5.2% after logging in a 9.2% win during the previous month. Data on new home sales is used as one of the indicators of a country’s domestic consumption. A slide in this account is usually bearish for the currency. The Aussie, however, still moved higher despite the drop in sales.
On Wednesday, Australia’s retail sales, building approvals, and private sector lending for the month of February will be on deck. Building approvals is seen to have gained by 2.0% after sinking by 7.0% in January. Retail sales are also projected to have expanded again by 0.3% following a 1.2% jump in the month prior while Australia’s private sector lending is estimated to have logged in an increase of 0.4%. Positive results in these accounts could send the Aussie higher.
On Thursday, Australia’s trade balance figure will be published. The country’s trade deficit probably widened to –A$1.37 billion in February from –A$1.18 billion. Australia’s economy is highly dependent on its exports. Therefore, a dip here could reflect negatively on the economy and the Aussie.