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Aussie Retail Sales disappoints

Posted by Akhilesh Ganti on Aug 4, 2013 9:40:00 PM

Australia's retail sales report for June came in at 0.0%, much lower than the +0.4% that the market was expecting. The AUD/USD, which had been trading around 0.8885, dropped immediately below 0.8850 to make session lows of 0.8846. The market had been pricing in a 91% chance of a 25 bp cut when the RBA meets tomorrow, but that percentage jumped to over 99% and there is even speculation that they might cut by 50bp. 

Australia retailSales jun2013 resized 600{chart:Bloomberg}

 

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