Focus on AUD again with retail sales and trade data

Just like yesterday with the GDP data, neither retail sales or trade data is likely to have any major impact on interest rates as the RBA seems to be very firmly in holding mode. Nevertheless, we can expect the usual volatility around the data. AUD short positioning is gradually being reduced but the fact that pairs like AUD/NZD are still consolidating at lowly levels will give the bears some hope.

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