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The Australian Dollar is the strongest currency on the day thus far, with the single currency rallying to fresh 2009 highs above 1.8800 on the back of stronger retail sales data which came in at 0.9% versus the 0.5% forecast. However, data was not all good out of the region, with Australian building approvals falling below forecast. Meanwhile, in the UK, the better than expected September Gfk consumer confidence helped to find some more bids for Sterling, with the currency showing some demand after being so well beaten down in the previous week. In Japan, data was on the soft side, with housing starts tumbling for the ninth straight month, and coming in below consensus. Elsewhere, the IMF was unofficially out raising its forecasts for global growth in 2010 to 3.1% from 2.5% previous. Global equities are under pressure into Wednesday, while commodities have found some interest on dips.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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