Analysts at TD Securities note that Australia’s retail Sales for May came at +0.4%/m and it was a touch better than the +0.3% market forecast.
Key Quotes
“The market was looking for some give back following a decent print for April, but today’s outcome suggests households are holding up fairly well.”
“The Trade surplus for May was A$0.8b, up from a downward revised A$0.5b in April (was A$1.1b). Exports +4% vs imports +3% drove this surplus. Our tracking suggests net exports to have a neutral contribution to Q2 GDP.”
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