Australian retail sales were surprisingly firm in
November for a second month running, as falling borrowing costs
and lower petrol prices helped offset economic uncertainty and
slumping household wealth.
Sales of new houses in Australia slipped in November as fears
of recession and tightening credit overshadowed falling interest
rates, an industry survey showed on Wednesday.
* The Australian dollar firmed after retail sales in
November were stronger than expected, but was soon pegged back as
some analysts warned the data masked weak sales at departmental
stores and of household goods.
* Aussie hit a high of $0.7228 after the data, but later
eased to $0.7213, and compared to $0.7111 seen here late on
Tuesday.
* The local dollar was also firm near recent highs struck
against other major currencies as investors hoped an aggressive
stimulus package from the Obama administration in the U.S. would
push the global economy and world financial markets into a quick
recovery.
* U.S. President-elect Barack Obama's stimulus package, which
may include tax cuts worth $310 billion, helped push Asian stock
markets higher on Wednesday, pointing to an improvement in
investors' appetite for riskier investments.
* The Aussie was firm around 67.73 yen, but dipped
from a near two-month high of 68.25 yen struck offshore.
* Against the euro, the Aussie traded around
0.5350 euros, compared to a near two-month high of 0.5372 euros
struck offshore.
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