The Australian Dollar (AUD) retreats against the US Dollar (USD) on Tuesday, giving up recent gains.
The AUD/USD pair remains under pressure following the release of the Reserve Bank of Australia (RBA) Meeting Minutes and Retail Sales data.
The RBA's February Meeting Minutes highlighted downside risks to the economy. While the Board acknowledged the labor market's strength as a key reason to maintain rates, it noted that the current tightness was inconsistent with a 2.5% inflation target. Ultimately, the Board saw a stronger case for cutting rates.
Australia's Retail Sales, a key indicator of consumer spending, increased by 0.3% month-over-month in January, rebounding from a 0.1% decline in December.
However, the ANZ-Roy Morgan Australian Consumer Confidence Index dropped to 87.7 from 89.8 the previous week, when it had reached its highest level since May 2022.
Source: FXStreet
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