The Australian currency witnessed a drop movement against its major counterparts, while it declined sharply against the US dollar after the Australian economy reported that the May's retail sales index has dropped more than both the previous reading and the market's expectations, as the consumers cut their spending on clothes footwear fell 1.8%.

Moreover, today's fundamental data showed that the building permits in Australian continued to decline in May for a second straight month, supporting to escalate the investors' fear for the economic recovery cycle in Australia, helping the Australian dollar to decline.