{"id":19727,"date":"2023-05-09T11:22:27","date_gmt":"2023-05-09T11:22:27","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=19727"},"modified":"2023-05-09T11:22:27","modified_gmt":"2023-05-09T11:22:27","slug":"aud-usd-dips-on-soft-retail-sales","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/aud-usd-dips-on-soft-retail-sales\/","title":{"rendered":"AUD\/USD Dips on Soft Retail Sales"},"content":{"rendered":"<h1>AUD\/USD Dips on Soft Retail Sales<\/h1>\n<ul>\n<li>AUD\/USD ends 6-day rally<\/li>\n<li>Australian retail sales decline<\/li>\n<li>Fed warns that banks are tightening credit<\/li>\n<\/ul>\n<p>The Australian dollar is in negative territory, ending a rally of close to 200 points. In the European session, <a href=\"https:\/\/www.xtrememarkets.com\/mu\/\"><strong>AUD\/USD<\/strong><\/a> is trading at 0.6760, down 0.29% on the day.<\/p>\n<p><strong>Australian retail sales decline<\/strong><\/p>\n<p>Australian retail sales posted a decline of 0.6% in the first quarter, following a downwardly revised reading of -0.3% in Q4 2022. The reading matched the consensus, but investors were not pleased with a second straight decline and the Aussie has lost ground today. The National Australia Bank responded to the release by warning that a \u201cconsumer recession\u201d had arrived.<\/p>\n<p>Australians are holding tight onto their wallets due to the uncertainty in economic conditions. The cost-of-living crisis, driven by high inflation and rising interest rates, has driven down household spending. The new budget may help matters a little, but inflation will have to continue moving lower before consumers increase spending.<\/p>\n<p>Australia will release consumer confidence for May on Wednesday, with the markets braced for a decline of -1.7% after a sharp gain of 9.4% in April.<\/p>\n<p>The Federal Reserve has warned that the turbulence in the banking industry had led to tighter credit conditions which could slow down growth in the US economy. These concerns were highlighted in the Fed\u2019s bi-annual financial stability report. The Fed\u2019s quarterly Senior Loan Officer Opinion Survey noted that banks expected to continue tightening lending requirements and that bank officials expressed concerns about recession and deposit withdrawals.<\/p>\n<p>The Fed isn\u2019t about to pivot on its rate policy due to the stress in the banking sector. The financial stability report said that \u201ca large majority of banks\u201d were able handle the strain from higher rates and noted that banks were \u201cwell capitalized\u201d. Still, the Fed will have to keep in mind the danger of contagion and give thought to cutting rates later in the year in order to minimize the chances of a recession.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AUD\/USD Dips on Soft Retail Sales AUD\/USD ends 6-day rally Australian retail sales decline Fed warns that banks are tightening credit The Australian dollar is in negative territory, ending a rally of close to 200 points. In the European session, AUD\/USD is trading at 0.6760, down 0.29% on the day. Australian retail sales decline Australian<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/MU\/aud-usd-dips-on-soft-retail-sales\/\">continue reading<\/a>.","protected":false},"author":3,"featured_media":19730,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[198],"tags":[322,321,20,265,25,237,355,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>AUD\/USD Dips on Soft Retail Sales - Xtreamforex<\/title>\r\n<meta name=\"description\" content=\"The Australian dollar is in negative territory, ending a rally of close to 200 points. 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