Did iPhone Sales just lead the way for the Aussie dollar higher ?

The Australian dollar is headed back toward a near four-month high after signs consumers may not be as downbeat as previously thought bolstered sentiment around the currency.

The Australian dollar jumped from around the US78.40¢ level to over US78.80¢ on Thursday and extended those gains into Friday’s session when it briefly traded over US79¢ before falling back to US78.78¢. It last traded over US80¢ in September.

The Aussie surged on Thursday following data that showed retail sales climbed 1.2 per cent in November, trouncing expectations for a 0.4 per cent increase.

The retail sales surge was led by gains in household goods and other retailing industries due to iPhone X sales and discounting sales events.

“The Aussie dollar benefited from of all things iPhone sales,” noted Stephen Innes, head of trading for APAC at OANDA.

The Sydney Morning Herald

 

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes