U.S. retail sales data for June on Tuesday is expected to show an increase of 0.5%, boosted by rebounding auto sales and higher gasoline station sales, indicating that consumer demand remains resilient.
Investors will also get an update on the health of the housing sector with reports on building permits, housing starts and existing home sales. High mortgage rates are still weighing on sales of existing homes, but construction is improving given stable pricing and a pick-up in new home sales due to the lack of properties on the market.
There will also be reports on regional manufacturing activity, which is expected to remain sluggish along with the weekly data on initial jobless claims.
The AUD/USD pair pulls back from the vicinity of the 0.6900 mark on Friday and eroded a part of the previous day's strong rally to a nearly one-month peak. Spot prices drop to a fresh daily low, around the 0.68307 region during the early part of the European session and for now, seem to have snapped a three-day winning streak, though the near-term bias still seems tilted in favour of bullish traders.
Investors will also get an update on the health of the housing sector with reports on building permits, housing starts and existing home sales. High mortgage rates are still weighing on sales of existing homes, but construction is improving given stable pricing and a pick-up in new home sales due to the lack of properties on the market.
There will also be reports on regional manufacturing activity, which is expected to remain sluggish along with the weekly data on initial jobless claims.
The AUD/USD pair pulls back from the vicinity of the 0.6900 mark on Friday and eroded a part of the previous day's strong rally to a nearly one-month peak. Spot prices drop to a fresh daily low, around the 0.68307 region during the early part of the European session and for now, seem to have snapped a three-day winning streak, though the near-term bias still seems tilted in favour of bullish traders.
