The Australian dollar dropped back below 87 US cents following it slid half a US cent in the light of weaker than anticipated retail spending data.
On Wednesday, the Aussie traded at 86.93 US cents, down from Tuesday’s 87.55 US cents.
Retail spending climbed 0.1% in August, said the Australian Bureau of Statistics.
After releasing the data, the currency declined 86.66 US cents, its lowest since late January.
“Retail figures were disappointing and raised doubts about a recovery in spending this year. So, it’s not surprising that the Aussie dollar has reacted very poorly to it,” said Robert Rennie, Chief Currency Strategist at Westpac.
The material has been provided by InstaForex Company – www.instaforex.com
The Australian dollar dropped back below 87 US cents following it slid half a US cent in the light of weaker than anticipated retail spending data.
On Wednesday, the Aussie traded at 86.93 US cents, down from Tuesday’s 87.55 US cents.
Retail spending climbed 0.1% in August, said the Australian Bureau of Statistics.
After releasing the data, the currency declined 86.66 US cents, its lowest since late January.
“Retail figures were disappointing and raised doubts about a recovery in spending this year. So, it’s not surprising that the Aussie dollar has reacted very poorly to it,” said Robert Rennie, Chief Currency Strategist at Westpac.
The material has been provided by InstaForex Company – www.instaforex.com
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