Aussie gains after retail sales

AUD/USD was trading near the session low around 0.7265.

An upside surprise to the June retail sales print (0.7%) and an upward revision of May's numbers (0.4%) saw the Aussie jump, although only around 25 pips initially, a surprisingly small move given the solid data, says Westpac. 

AUD then traded in a 0.7290/00 range ahead of the Governor's statement. The RBA kept the cash rate at 2% as expected, but changed the wording on AUD from "Further depreciation seems both likely and necessary" to "The Australian dollar is adjusting to the significant declines in key commodity prices". 

The Aussie leapt 35 pips immediately after the release, and went on to trade to a high around 0.7379.