When are the Australian data releases and how could they affect AUD/USD?

Australian data overview: retail sales and the RBA's Statement on Monetary Policy:

The pulse of AUD data has been an improvement of late, but that theme is now tired. The RBA was less vocal around the strength of the Aussie recently, with respect to a lack of jawboning that markets had been prepared for. However, with what was to come today, markets were quickly looking ahead again. We have the data is released today at 01:30 GMT.

Analysts at Westpac noted that the keenly awaited RBA Statement on Monetary Policy is released with the Bank’s updated growth and inflation projections likely to be scrutinised in light of the sharp appreciation in the AUD. "The Bank’s statement earlier this week hinted at a possible downgrade, noting that it expects growth “around 3%” versus “a little above 3%” back in May. June retail sales are scheduled too, consensus +0.2%," noted the analysts. 

How could today's events affect AUD/USD? 

AUD/USD could find itself under pressure on additional comments surrounding the Aussie that are sterner this time around exposing 0.7920 and 0.7880. Similarly, if retail sales miss by any significant margin, the aforementioned supports and downside levels on the wider scale are located at 0.7786 as the 17th July low. To the upside, 0.8040/65 are key resistance levels.

Key notes

• AUD/NZD: better bid medium term, looks for break and close above 1.0750
• RBA cash rate will remain on hold throughout 2017 and 2018 - Westpac
• AUD/USD analysis: bearish pressure increased, RBA minutes up next   

About retails sales

The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it's considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.

About RBA's Statement on Monetary Policy

The RBA Monetary Policy Statement released by the Reserve bank of Australia reviews economic and financial conditions determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. It is considered as a clear guide to the future RBA interest rate policy. Any changes in this report affect the AUD volatility. If the RBA statement shows a hawkish outlook, that is seen as positive (or bullish) for the AUD, while a dovish outlook is seen as negatvie (or bearish).