AUD/USD Drops Below 0.7750 after Retail Sales and Trade Data

The Australian dollar fell half a US cent after the release of disappointing retail spending figures.  Retail spending was unchanged in April, The Australian Bureau of Statistics said, which was worse than economists expectations of a 0.3 per cent rise.

Australia’s trade balance has stayed in the red with a deficit of $3.89 billion in April, following a deficit in March of $1.23 billion.  Economists had expected a deficit of $2.05 billion in April.

Exports fell six per cent, while imports were up four per cent, the Australian Bureau of Statistics said on Thursday.