Australian Retail Sales comes in hot, 1.8% vs. 1% expected, AUD bulls snoozing
|Australia's Retail Sales for February has been released:
Australian Retail Sales (MoM) Feb: 1.8% (est 1%; prev 1.8%).
AUD/USD reaction
The data, while far better than expected, is still not an improvement on prior and AUD/USD only popped 5 pips on with the focus elsewhere, (Ukraine risks).
AUD/USD is down some 0.12% at the time of writing, trading in a risk-off environment despite a positive start on Wall Street for the week.
About Retail Sales
The primary gauge of Australia’s consumer spending, the Retail Sales, is released by the Australian Bureau of Statistics (ABS) about 35 days after the month ends. It accounts for approximately 80% of total retail turnover in the country and, therefore, has a significant bearing on inflation and GDP.
This leading indicator has a direct correlation with inflation and the growth prospects, impacting the Reserve Bank of Australia’s (RBA) interest rates decision and AUD valuation. The stats bureau uses the forward factor method, ensuring that the seasonal factors are not distorted by COVID-19 impacts.
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