AUD/USD: Australian Retail Sales

The release of the Australian retail sales figures for June managed to create some volatility in AUD/USD, with the pair climbing to the 0.79575 level and then retreating back to the 0.79466 area at the moment of the data release. A minute after, the pair went sharply down to hit 0.79350 but then reversed its trajectory once again and continued to surge. The move was supported by the upbeat retail sales numbers that were reported to have jumped 0.3% in June, surpassing analysts' expectations for a 0.2% increase. Q-on-Q, sales were up 1.5%, while in trend terms – 0.4%, the Australian Bureau of Statistics revealed. Moreover, retail sales inched up in all regions, which added to confidence that the country's GDP could expand around 3% in the H1 of 2018.