AUD/USD rebounds on strong Aussie sales after Women’s World Cup

The Australian dollar has gained 0.40% against the US dollar due to positive retail sales data and falling bond yields. The pair is set to extend its losses after Fed’s Powell delivers hawkish remarks at Jackson Hole.

The AUD/USD pair trades at 0.6421, gaining 0.30%. The US Dollar Index drops to its daily low at 103.977. The Women’s World Cup boosted sales in Australia, but analysts predict lower retail sales trends and tighter spending throughout 2023. Some upside to spending in 2024 is expected as inflation moderates and real household incomes turn positive.

The US economic docket on Tuesday will feature the JOLTs report, housing prices, and CB Consumer Confidence. The Reserve Bank of Australia’s Governor Michelle Bullock will cross newswires on the Australian front, along with the release of Building Permits, Construction Work done, and the Consumer Price Index for July.

The AUD/USD is likely to remain consolidated despite solid gains. Buyers must reclaim the swing high of 0.6488 before challenging 0.6500, or the major may test the year-to-date low of 0.6364 before diving towards the November 22 daily low at 0.6272.