Australian dollar hits 8-month high against US dollar; consumption data may show weakness
The Australian dollar rose to an eight-month high against the U.S. dollar, mainly benefiting from the continued weakness of the U.S. dollar. Next, the market will focus on the performance of Australia's July retail sales data.
Australia's July retail sales data is expected to fall by 0.3% month-on-month, lower than the 0.5% growth in the previous month. This is because consumers are squeezed by high interest rates and high living costs and are more cautious about discretionary spending.
The Reserve Bank of Australia continues to maintain a hawkish stance and is unlikely to cut interest rates in the next six months. However, the market has expected the RBA to cut interest rates in November and early 2025.
Overall, the AUD/USD is expected to remain strong in the short term, but the performance of retail sales data will become the focus of attention and may have a certain impact on the exchange rate. Investors need to pay close attention to the development of future economic data.
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