The Australian dollar took advantage of a broadly-weak US dollar, gaining over 100 points. AUD/USD closed the week at 0.7774. The upcoming week has eight events, highlighted by Employment Change. Here is an outlook on the major market-movers and an updated technical analysis for AUD/USD.
The US dollar took it on the chin last week from the major currencies, as the markets reacted to disappointing US economic reports, including retail sales and housing data. There was better news late in the week as consumer confidence shot higher. Australian data also contributed to the Aussie’s rally, as Australian employment numbers were unexpectedly strong.
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