The Australian dollar was buying $US0.9515 early in the European trading session on 2 June 2008, compared with $US95.69 on 30 May. Support for the currency fell in the wake of Australia's latest retail sales data. The figures show that sales declined by 0.2 per cent in April, a result that has dampened expectations of another rise in official interest rates. Rory Robertson of Macquarie Group believes that rates will remain unchanged in the near-term. Meanwhile, Westpac expects GDP growth of 0.3 per cent for the March quarter. The GDP figures will be released on 4 June.
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