$A higher on weaker US retail sales data The Australian dollar is higher after weaker US retail sales figures made it look less likely the US central bank will taper its economic stimulus program any time soon. At 0700 AEST on Tuesday, the local unit was trading at 90.99 US cents, up from 90.87 cents on Monday. The Australian dollar was given a boost overnight after figures showed US retail sales rose 0.4 per cent in June, weaker than the 0.7 per cent that analysts had expected. Bank of New Zealand currency strategist Mike Jones said the data showed the US economy was still in the early stages of recovery, indicating the US Federal Reserve may hold off on winding back its economic stimulus. "Those weak US retail sales figures just sapped US dollar sentiment so that's had the effect of launching the Aussie dollar a little higher," Mr Jones said. Analysts have been scrambling to revise down their forecasts for second-quarter gross domestic product (GDP) in the US following those retail sales figures. It's highlighted the fragile nature of the US recovery and reinforces the notion that tapering of US economic stimulus is by no means a done deal. Mr Jones said Reserve Bank of Australia minutes, to be released on Tuesday, would set the direction for the local currency as investors look for hints as to whether an interest rate cut is on the cards for August.