The Australian dollar, paired with the US dollar, has reached its lowest level in four weeks. The current AUDUSD quote is 0.6606.
The peak of the Aussie at 0.6900 is now a distant memory.
The pause in AUD selling pressure may be due to the release of statistics from Australia. Fresh data demonstrate that May retail sales increased by 0.7% m/m. The indicator came out unexpectedly strong, adding to the reasons why the Reserve Bank of Australia may raise interest rates once again.
The Australian labour market also shows signs of a slight reduction in the number of job vacancies. Meanwhile, the employment sector remains robust. Overall, these combined data points have somewhat smoothed out yesterday's market disappointment following the release of the Australian inflation report, which showed a noticeable decline in prices.
Investors estimate a 36% likelihood of an interest rate hike to 4.35% per annum at the July meeting.