AUD/USD flows: Soft Q1 Retail sales

The Australian Q1 Retail sales has come in lower at -0.4% q/q vs. -0.2% expected. It confirms the strength in domestic demand has began to weaken after prolonged period of high rates and depletion of household saving. It should keep the RBA on hold in the coming meeting as the cooler economy and still hot inflation does not allow RBA to change policy rate.

AUD/USD is trading 0.04% higher at 0.6628 with earlier gains to 0.6643 dissipated before the RBA decision.