Author: Dennis Li
With muted trading activity yesterday owing to a US public holiday, the Aussie dollar managed to hold above support at 0.7150 and finally worked its way marginally back above 0.7200. Yesterday’s Retail sales result of 0% for July further reinforces declining confidence and spending and that a lower AUD is increasingly likely. The RBA is widely expected to leave rates unchanged with their accompanying statement the focus in an otherwise quiet trading day.
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