AUD/USD TRADES MARGINALLY HIGHER AHEAD OF MACROECONOMIC DATA

• AUD/USD rises ahead of key US data that could impact the pair. 
• US Producer Prices and Retail Sales are on the docket on Thursday. 
• The RBA’s relatively hawkish stance is a supporting factor for the pair. 

AUD/USD is trading in the 0.6600s on Thursday, up three hundredths of a percent in the European session, as traders await key macroeconomic data that could impact the pair.

Both US factory gate prices, or Producer Prices, and US Retail Sales are scheduled for release at 12:30 GMT. They may impact the outlook for inflation and tone the debate around when the Federal Reserve is expected to cut interest rates. 

The Producer Price Index ex Food and Energy (Core PPI), is an important inflation metric, economists expect a drop to 1.9% YoY registered in February from 2.0% in January. On a monthly basis, Core PPI is forecast to rise 0.2% versus the 0.5% advance seen in the previous month. 

The headline Producer Price Index (PPI) is forecast to show a 1.1% YoY gain versus 0.9% in January, and a 0.3% gain MoM, the same as previous. 

US Retail Sales is forecast to rebound in February, registering a 0.8% rise against the 0.8% decline in January. Higher-than-expected sales tend to spur inflation with hawkish implications for interest rate policy and a bullish impact on USD (bearish for AUD/USD)