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Final October Retail Sales was worse than the preliminary estimate of October Retail Sales that revealed a 1.6% increase.

  •  +1.4 pct MoM s/adj (Reuters poll +1.6 pct).

”The 5% surge in Victoria was a little surprising given that restrictions were not being fully relaxed until November,” analysts at Westpac said with respect to the  preliminary estimate,

AUD/USD is virtually unchanged on the data at 0.7439.

The price is consolidating following the recent rally to fresh cycle highs and would be expected to retest the prior support:

Description of 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.