Australian Dollar loses ground following data from Australia

The Australian Dollar depreciates after the release of mixed economic data from Australia and China’s NBS PMI on Thursday.

Australian Retail Sales rose by 0.1% MoM in September, against the expected 0.3% and the previous 0.7% growth.

Traders await the upcoming US PCE inflation data on Thursday and Nonfarm Payrolls on Friday.

The Australian Dollar (AUD) edges lower following the release of mixed economic data from Australia and China’s NBS Purchasing Managers Index (PMI) on Thursday. However, hawkish expectations for the Reserve Bank of Australia's (RBA) policy outlook continued to support the Aussie Dollar and limit the downside of the AUD/USD pair.

In September, seasonally adjusted Australian Retail Sales rose by 0.1% month-over-month, falling short of the expected 0.3% and significantly down from the 0.7% growth seen in the previous month. On a quarterly basis, Retail Sales increased by 0.5% in Q3, rebounding from a 0.3% decline in the prior quarter.

The US Dollar (USD) gains some traction as market caution lingers amid uncertainty surrounding the upcoming US presidential election. The Greenback, however, encountered headwinds as the US Gross Domestic Product (GDP) annualized expanded by 2.8% in Q3, below 3.0% in Q2 and forecasts of 3.0%.