Australian Dollar declines as US Dollar holds gains; Retail Sales in focus.

The Australian Dollar (AUD) continues to decline for the second consecutive session on Tuesday. The AUD/USD pair lost ground due to a modest rebound in the US Dollar (USD), likely driven by increased risk aversion following the attempted assassination of former US President Donald Trump on Saturday. Investors are expected to focus on the US retail sales data for June, which will be released later in the North American session, for further insights into the US economic situation.

Meanwhile, the third plenum of the Chinese Communist Party’s 20th National Congress continues today, running from July 15 to 18. Standard Chartered anticipates cuts from the People’s Bank of China, both in rates and the reserve requirement ratio (RRR), as GDP growth decelerated in Q2. China’s growth drivers remain uneven, and trade tensions are rising, with the US and EU imposing new tariffs on Chinese electric vehicles (EVs).

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