The Aussie dollar dropped to 75.99 US cents in overnight trade on the back of oil prices slumping 2.3% to a month-low and official figures showing flat local retail sales in February.
The Aussie dollar has dipped towards 76 US cents on the back of low oil prices and weak retail sales data.
At 0700 AEDT on Tuesday, the local unit was trading at 76.06 US cents, down from 76.28 cents on Monday.
The Aussie dollar dropped to 75.99 US cents in overnight trade.
Westpac economists said the currency underperformed due to oil prices slumping 2.3% to a month-low.
They said official figures on Monday showing flat local retail sales in February had also pushed the dollar lower.
‘The Australian dollar extended its post-retail sales reaction from 76.40 to 75.99 US cents,’ the Westpac economists said in a note.
They said the main local risk event on Tuesday was the Reserve Bank of Australia’s April interest rates meeting.
While no rate change is tipped, the economists said RBA Governor Glenn Stevens’ commentary on the Australian dollar’s exchange rate would be of great interest given its strength this year.
Official figures on Australia’s trade balance in February are also due to be released on Tuesday.
At 7am on Tuesday, 05 April one Aussie dollar was buying:
76.06 US cents, from 76.28 cents on Monday*
84.67 Japanese yen, from 85.00 yen
66.79 euro cents, from 67.04 euro cents
111.29 New Zealand cents, from 111.08 NZ cents
53.33 British pence, from 53.66 pence
*Currency closes taken at 1700 AEDT previous local session
AAP
