Aussie Retail Sales June +2.4% MoM in another big swing outcome
|Australia’s key release is the preliminary read for June Retail Sales are out as follows...
- Australia June provisional retail sales +2.4% m/m s/adj.
- Australia bureau of statistics says retail turnover rose 8.2% when compared to June 2019.
- ABS says large increases in sales in cafes, restaurants and takeaway food, and clothing, footwear and personal accessory retailing.
-
AUD/USD reaction
Following the impressive surge over the past twenty-four hours, running up towards the highest since April 2019, 0.7147. AUD has been muted on the release so far considering this high-frequency data is prone to huge swings.
AUD/USD began its rally in the Sydney afternoon at 0.7020 yesterda.
The series has produced record swings in recent months due to the pandemic, +8.5%, -17.7% then +16.9% in May, a reminder that this survey is overweight food retailing, underweight services consumption,
analysts at Westpac explained.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.