The Aussie weakened against the Greenback after the release of January Australian retail sales data. The report caused a 0.10%, or 8 pips, drop in the pair, making it fall to the 0.7772 level and then continue fluctuating in the 0.7785 area.
The Australian Bureau of Statistics revealed that the country’s retail sales contribution to the overall consumption faded more than anticipated in the reported month, following a decreased growth rate in the prior month.
The report revealed that retailers of brick-and-mortar stores, even by relentlessly competing with each other’s sales prices, are powerless in enticing customers to increase their shopping basket due to the unsignificant wage growth and a considerable amount of debt.
