In currencies, the Australian dollar fell following a sharp drop in retail sales in August. Australia’s imports were also flat from the previous month, another sign of a sluggish domestic economy.
The Australian dollar was last at $0.7833 from $0.7856 before the data release. Its value could be further affected if the U.S. dollar continued its climb, said Stephen Innes, a senior trader at Oanda.
“It is becoming somewhat apparent that the Aussie is one of the currencies with the most to lose on the stronger USD narrative,” said Mr. Innes.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.