Aussie slumps on dismal retail sales in quiet trade

Aussie slumps on dismal retail sales in quiet trade

On Thursday, the Australian dollar went down on worse than anticipated retail sales notwithstanding a better-than-expected trade surplus with Fed Chair Janet Yellen standing out from remarks on monetary policy at a community banking conference, St. Louis.

The currency pair AUD/USD hit 0.7838, sliding 0.32%, USD/JPY hit 112.82, rising 0.06%.

Estimating the greenback’s value against a trade-weighted basket of six key currencies, the US dollar index tacked on 0.05% being worth 93.36.

As Australia disclosed, its trade balance for August demonstrated a surplus of A$989 billion, which is wider than the A$875 billion surplus anticipated, although retail sales went down 0.6% versus a 0.3% profit observed on month.

Overnight, the evergreen buck sank versus a basket of key currencies notwithstanding a bunch of reports on the services sector as well as labor market topping hopes as investors waited for probable remarks from Janet Yellen.

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