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Australia’s consumption, as represented by Retail Sales, fell less-than-expected in the month of September, the Australian Bureau of Statistics (ABS) reported on Wednesday.

The retail sales arrived at -1.1% month-on-month (MoM), compared to the previous month’s reading of -1.5%. 

Australia Retail Sales excluding inflation for Q3 +6.5% QoQ vs. expected 6.0% and -3.4% prior.

About 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.

Market reaction

The aussie dollar ignored the upbeat Australian data, as AUD/USD extends the drop below 0.7200 amid broad-based US dollar comeback, with Florida election results showing a title in favor of President Trump.