Retail Sales has been released by the Australian Bureau of Statistics.
The market was looking for revisions to the preliminary estimates of Australia December retail trade that showed a -4.2% fall and for the new data to shed some more light on the month and Dec quarter.
Retail Sales
-4.1 PCT MoM, in a 0.1 improvement on preliminary.
AUD/USD update
The data has arrived during a busy Reserve Bank of Australia update today.
The events were including Governor Lowe appearing before the House of Representatives Standing Committee on Economics as well as the February Statement on Monetary Policy.
An analysis of the Aussie can be read in the prior article: RBA’s Lowe: Interest rates are going to be low for quite a while yet, where the price is trapped between daily support and resistance.
Daily AUD/USD chart
Description of the Retail Sales
The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it”s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.
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