The Aussie found relief from a variety of sources that led to a nice little recovery from yearly lows against the Greenback. Initially, the catalyst was the RBA which released a notably less dovish statement, helping traders with the broader cash rate narrative. Further throughout the day, risk aversion eased across markets as trade-war concerns calmed slightly, leading to a softening of the Greenback across the board.
Aussie Retail Sales numbers released at 0.4% vs the forecasted 0.3%. Trade balance 0.83B vs the expected 1.21B. Australian Dollar’s counterpart enjoys its fourth of July holiday, giving some much-needed respite to global markets.