Australian Dollar Continues to Struggle

The Australian dollar continued to struggle today, potentially extending the long-term downtrend. Mixed domestic data did little to help the Aussie.
Seasonally adjusted retail sales demonstrated an unexpected drop in July, adding to the downside pressure on the Australian currency. As for the positive part of today’s data, the trade balance deficit shrank unexpectedly last month (also on a seasonally adjusted basis). Yesterday, the Aussie attempted to rally and was successful, ending the session with gains.
AUD/USD fell from 0.7038 to 0.7008 and USD/JPY slipped from 84.67 to 84.30 as of 10:46 GMT today.

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