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AUD/USD Fell Below 0.7000 on Soft July Retail Sales

The australian dollar fell sharply to 0.7000 from 0.7035 (-35 pips) during the Asian morning session after the lower than expected Australian Retail Sales which fell to -0.1% in July versus the median forecast of 0.4%, erasing the gains it made in the late NY session from the intraday high of 0.7062 after the Dow Jones stocks closed higher at 1.85%.

Further selling ensued in early Europe and pushed the aussie lower to dip to 0.6992 following the soft Retail Sales data combined with the S&P futures which initially traded lower and weighed on the aussie.

Trading was rather quiet and confined to a narrow range between 0.7025 amd 0.7000 in the absence of the Chinese participants away for a public holiday. Focus now shifts to the ECB policy announcement later and Mario Draghi's press conference.

AUDUSD.9.3 resized 600 

Chart: WorldWideMarkets Alpha Trader

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