Aussie Retail Sales have come in at -1.1% MoM vs +0.4% expected.
AUD/USD is a touch softer o the release, moving lower to test the resilience of 0.7740.
More to come..
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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