The AUD/USD traded in the 0.6790 - 0.6838 range, holding daily gains.
Retails Sales in the US increased in June but were below expectations.
RBA Minutes showed a cautious stance of the board members.
On Tuesday, the USD faced additional selling pressure following soft Retail Sales data from June, which helped the AUD/USD clear daily losses and jump back above 0.6800. Following the data, US Treasury yields are in decline, applying further pressure on the Greenback.
Investors assess Retail Sales data from June
The US Census Bureau reported that the Retail Sales from June increased by 0.2%, lower than the 0.5% expected and the previous 0.5% monthly increase. Due to the signs of weakness in the US economy following soft inflation readings, US Treasury bond yields decreased. The 2-year yield fell to 4.70%, while the 5 and 10-year rates to 3.95% and 3.75%, respectively.
On the other hand, the Reserve Bank of Australia (RBA) released its July meeting minutes. They showed that members agreed to pause due to the uncertainty around the economic outlook and the significant tightening up to the date. Regarding the next movements, the minutes showed that the board would reassess the economic situation in the next meeting in August. As for now, according to the World Interest Rates Probabilities (WIRP), markets are discounting a 25 basis point (bps) hike in the next meeting and bet on high probabilities of similar hikes in September and November.
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