Australian Dollar Plunges To Four-month Lows After Weak Retail Sales Data
The Aussie dollar lost 0.35 percent in Asian trading hours on Tuesday, performing as the weakest major currency following the release of downbeat retail sales data.
The pair AUDUSD has fallen in four out of last five sessions, sending the price to the lowest level since January 11th. The currency pair remained fragile on Tuesday after the Australian Bureau of Statistics reported receipts at Australian stores unexpectedly fell in March.
Indeed, retail sales fell at a seasonally adjusted 0.1%, completely in contrast with analysts’ estimate calling for a gain of 0.3 percent. The headline figure, which reflects the strength of consumer spending, slid for a second consecutive month in March with February’s drop being revised lower to minus 0.2 percent.
While food retailing increased 0.1%, household goods and clothing sales both fell.
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