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FXstreet.com (Barcelona) - Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that a feature of the recent market has been AUD under performance.

He notes that the currency has continued to under perform overnight following the release of the weaker than expected Australian retail sales report for December. He writes, "The report revealed that retail sales declined for the third consecutive month which was the first time since late 1999 and early 2000. The positive impact from RBA easing to date is not yet evident leaving the door open to further monetary easing by the RBA ahead as signalled strongly in yesterday's statement."
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