Australian dollar lower following worse than expected retail sales & building data

from MoneyTrading.com.au

The Australian dollar lost its ground after worse than expected retail sales and building approvals data. Today’s data could potentially reduce the chances of an interest rate rise next week. Australian dollar was trading at 91.64 US cents, down from 92.06 US cents just before the data was released.

Australian retail trade at current prices fell 1.4 per cent in February to a seasonally adjusted $19.828 billion, from a downwardly revised $20.118 billion in January, the Australian Bureau of Statistics said. The median market forecast was for retail sales to have risen by 0.3 per cent in February.

Australian building approvals fell 3.3 per cent to 13,929 units in February, seasonally adjusted, from an upwardly revised 14,405 units in January, the Australian Bureau of Statistics said today.