Dollar lifts despite softer retail print

The local unit was higher in early afternoon, despite disappointing retail trade numbers.

The Australian dollar was higher in early afternoon, despite weaker retail sales figures and a stronger US dollar.

At 1pm (AEST) on Thursday, the local unit was trading at US76.14 cents, up from US75.88c on Wednesday.

The US dollar gained against most currencies in overnight trade off the back of positive employment data.

Despite this, the local currency has held its ground and has shrugged off official data showing Australian retail spending rose at a weaker pace than expected.

Retail sales rose 0.1 per cent in June compared to economists’ expectations of a 0.3 per cent lift, the Australian Bureau of Statistics data showed.

AAP