The value of the Australian dollar dropped against all 16 of its counterpart currencies on Wednesday as a consequence of economic data indicating retail sales unexpectedly fell, according to Bloomberg.
Calls became louder for the nation's central bank to reduce interest rates as a measure of spurring growth as the Aussie barreled toward its largest monthly losses against the U.S. dollar since September of last year.
The retail data were "certainly worse than expected," currency research global head Callum Henderson with Standard Chartered in Singapore told the news source. "The market is in risk-off mode and, as such, is continuing to look to sell into rallies in the higher-yielding currencies including the Aussie."
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