The Australian dollar has started this trading week with losses due to poor macroeconomic data, both domestic and overseas.
The major perpetrator in the Aussie’s fall was the retail sales report that showed unexpected drop by 0.1% in February from January while experts had predicted an increase by 0.3%. Adding to the pressure on the currency was the Caixin China General Manufacturing PMI released on Saturday, which showed a decline from 51.7 in February to 51.2 in March. Now, traders wait for the monetary policy announcement by the Reserve Bank of Australia, which will be released during Tuesday’s Asian session.
AUD/USD fell from 0.7630 to 0.7612 as of 12:21 GMT today, reaching the low of 0.7590 intraday. AUD/JPY dropped from 85.01 to 84.73.
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