The Australian Dollar (AUD) gathers further steam on Thursday, motivating AUD/USD to advance for the fifth consecutive day and briefly hit fresh two-week highs near 0.6540, a region coincident with its provisional 55-day and 100-day SMAs.
The pair’s intense recovery comes on the back of the US Dollar’s inconclusive price action, mirroring the widespread lack of direction in the global markets in response to the US Thanksgiving Day holiday.
Australia: Slow progress still counts
Australia isn’t racing ahead, but the data suggests the economy is steadily moving in the right direction. Early November PMIs were decent: Manufacturing bounced back into expansion at 51.6 (from 49.7), while Services inched up to 52.7 (from 52.5).
Consumers are still spending too: Retail Sales rose 4.3% YoY in September, and the trade surplus widened to A$3.938 billion. Business Investment also picked up in…
