The Australian and New Zealand dollars moved lower against their U.S. counterpart on Tuesday, after the release of a flurry of data from both countries and the Reserve Bank of Australia left interest rates unchanged.
AUD/USD slid 0.31% to 0.7516, off the previous session’s one-and-a-half week highs of 0.7544.
In a widely expected move, the RBA held its benchmark interest rate at 1.75% at the conclusion of its policy meeting on Tuesday. However, RBA Governor Glenn Stevens said the central bank remained willing to act if necessary, fuelling speculation over a rate cut in the near future.
Also Tuesday, the Australian Bureau of Statistics said that retail sales rose 0.2% in May, compared to expectations for a 0.3% gain. Retail sales inched up 0.1% in April, whose figure was revised from a previously estimated 0.2% increase.
A separate report showed that Australia’s trade deficit widened to A$2.218 billion (£1.27 billion) in May from A$1.785 billion (£1.02 billion) in April, whose figure was revised from a previously estimated deficit of A$1.579 billion (£0.90 billion). Analysts had expected the trade deficit to narrow to A$1.500 billion (£0.86 billion) in May.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.