AUD traders heads up - retail sales data due in a few minutes (0130GMT)

0130GMT Australia Retail Sales (preliminary) for August

AUD has lost ground the past hour or so:

• USD strength
• change of RBA forecast from WPAC (Westpac forecasting an RBA rate cut on October 6)
• a few banks downgrading their outlook for iron ore (Citi for example)

The change of call from Wespac is igniting talk of how long until we have negative rates from the RBA?

The RBA has consistently denied the need for negative rates. But, as I have said many times, and am being joined by others, they are always too optimistic:

• Response to RBA Debelle's speech - RBA is always too optimistic. (Also, AUD targets).

The data in a few moments time add in risk of a positive surprise (or negative too, I guess) .