Aussie Plunges To Nearly One-week Low After A Sharp Drop in February’s Retail Sales

The Aussie lost ground versus most of its peers after figures from the Australian Bureau of Statistics on Monday showed a surprised drop in the country’s retail sales. The pair AUDUSD dropped more than 0.34 percent to trade at the lowest level since last Tuesday at $0.7603.

The Australian dollar is the weakest-performing major currency on Monday following government’s data release that reported retail sales contracted 0.1 per cent month-on-month in February. This was a reverse after 0.4 per cent growth in January and also well below economists’ expectations for a 0.3 per cent gain.

The sharp decrease was due to a second month of declines in clothing and footwear sales which plummeted by 2.5% in February following a 0.9% fall in the previous month. Meanwhile, sales at cafes and restaurants were flat, and food retailing rose 0.3%.

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