Aussie drops further on poor retail sales

Aussie drops further on poor retail sales

On Tuesday, the Australian dollar sagged because retail sales figures disappointed and market participants waited for Prime Minister Malcolm Turnbull's second budget. Additionally, financial markets also monitored the presidential election in South Korea.

The currency pair AUD/USD hit 0.7362, sliding 0.34%, while USD/JPY reached 113.22, declining 0.03%.

Tracking the US dollar’s strength versus six crucial currencies, the US dollar index, dipped 0.02%, trading at 99.01.

Australia posted that in March retail went down 0.1% and concluded 0.1% during the first quarter, missing expected revenues of 0.3% as well as 0.4% respectively.

In South Korea, financial markets are unavailable due to the country's presidential election and opinion surveys demonstrate favors Moon Jae-in of the Democratic Party of Korea, considered to be a more liberal candidate on the national economy as well as policies dealing with North Korea.

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