The Australian dollar was the biggest mover during Monday’s Asian trading session, declining 0.3 percent against the US dollar after disappointing domestic data.
According to the Australia’s Bureau of Statistics, consumer retail sales in March fell 0.4 percent (month over month) down from February’s 1.3 percent increase. Today’s number was much lower than the expected 0.1 percent decline.
The weak data pushed investors to sell of the aussie as expectations for a rate cut are now larger after the weak economic data. The Reserve Bank of Australia meets on May 7.
In addition to the retail sales data, a disappointing private jobs report was released. The ANZ job advertisements numbers fell 1.3 percent versus a previous 0.5 percent decline.
Some analysts are predicting a 25 basis point rate cut by the RBA after the release of today’s economic data which highlights the slowdown in the pace of service-sector activity in Australia.
AUDUSD fell to an Asian session low of $1.0268 after the data from $1.0305 and subsequently extended lower into the EUroepan session to $1.0243.