Australia retail sales post biggest fall since March 2013

Australia retail sales have posted their biggest fall in about four-and-a-half years, plunging 0.6 percent in August.

The decline contradicts economists' expectations of a 0.3 percent rise. The previous month's print was revised lower from 0.0 percent to -0.2 percent.

Aussie is losing altitude as the weak retail sales data overshadows the better-than-expected trade surplus of AUD 989 million.