Aussie drops for the first of four sessions to the US dollar

The Australian dollar fell during the Asian session to rebound for the second session of the March 6th high against the US dollar, reflected by the economic developments and data we followed earlier from the Australian economy, and on the eve of economic developments and data expected Wednesday by the US economy, the largest economy in the world.

At 02:30 GMT, AUD/USD dropped 0.38% to 0.7055 compared to the opening at 0.7082, the pair's highest level during the session, while the pair reached a low of 0.7049.

The Australian economy was followed by a reading of the Westpac Consumer Sentiment Index, which showed a decline in widening at 98.8 versus 103.8 last February, hours after the speech of deputy chair of the Reserve Bank of Australia whom also in charge of Risk Management Committee "Guy Debelle", at CPD in Sydney under the title "Climate Change and Economics", on the importance of incorporating climate models into general economic models.

On the other hand, investors are currently looking for the US economy to reveal the reading of retail sales, which account for about half of consumer spending, and also accounts for more than two thirds of the US GDP, which may reflect a decline of 0.5% compared with a rise of 1.2% in December, while The core reading of the index itself may show growth stability at 0.1%, unchanged from December.

The markets are also looking for the US' to reveal the producers price index (PPI) reading, which is a preliminary index of inflationary pressures, which could reflect a 0.2% expansion versus a 0.1% contraction in January, while the annual reading of the same index may show a slowdown in growth to 1.9% Compared with 2.0% in the previous January reading.

The core reading of the PPI shows a slowdown in growth to 0.2% from 0.3% in January, while the core annualized reading of the same index may reflect a 2.6% growth rate unchanged from the previous December reading, Before we see a reading of the construction spending index, which could reflect a rise of 0.4% versus a 0.6% decline in December.