he cross currently trades around 95.68, gaining 0.12% on the day. Market players await the Reserve Bank of Australia's Australia’s TD Securities Inflation figure dropped to 5.4% YoY from 5.7% in June. Meanwhile, Australia’s Private Sector Credit fell to 0.2% MoM and 5.5% YoY in June, compared to 0.4% and 6.2% prior, respectively.
Additionally, Australian Retail Sales experienced their largest decline this year in June. Australia's Retail Sales fell 0.8% MoM, against the market expectation of 0.0% and 0.7 prior. The Producer Price Index data for the second quarter were disappointing at 3.9% YoY and 0.5% QoQ. This softer report indicated that rising borrowing costs and high prices have an impact on the Australian economy.
On the other hand, the Japanese Yen remains under pressure as the Bank of Japan's unscheduled operation on Monday to purchase 300 billion worth of Japanese governmentJapan’s Economy Minister Shigeyuki Goto stated on Tuesday that the BoJ's decision last week was intended to increase the sustainability of monetary easing by increasing the flexibility of the YCC. He added that he does not believe that the BoJ's decision on Friday represented a shift in its monetary easing stance.