The Australian Dollar (AUD) remained weak against the US Dollar (USD) on Friday (August 15th), following disappointing key economic data from China, Australia's main trading partner. AUD/USD weakened more than 0.5% in the previous session as the US Dollar strengthened following stronger US economic data.
China's Retail Sales rose 3.7% year-on-year (yoy) in July, lower than the 4.6% forecast and 4.8% in June. Meanwhile, Industrial Production increased 5.7% YoY, compared to the 5.9% and 6.8% forecasts.
The weakness of the AUD/USD pair is likely limited as the US Dollar weakened amid growing expectations that the Federal Reserve (Fed) will cut interest rates in September. US July Retail Sales data and the preliminary Michigan Consumer Sentiment Index will be monitored later. (alg)
Source: FXstreet
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