AUD: Trading under pressure – BBH

Analysts at BBH note that after sterling, the Australian dollar is the weakest of the major currencies today, which follows comments from RBA board member Harper who explicitly refused to rule out another rate cut.  

Key Quotes

“The recent string of Australian data, including this week's retail sales report, has been disappointing.  The Aussie's losses extend the downdraft for the fourth consecutive week.  It is trading near three-month lows to flirt with the 50% retracement objective of the rally in since the May low of about $0.7330.  The retracement is seen near $0.7725.  The 61.8% retracement is a cent lower, while the measuring objective of the potential double top is nearer $0.7500.”