Australia’s Preliminary Retail Sales rebound 16.3% MoM in May, AUD/USD picks up bids
|Australia's consumption, as represented by Retail Sales, rebounded sharply in the month of April, the Australian Bureau of Statistics (ABS) reported on Friday.
The retail sales arrived at +16.3% month-on-month (MoM), compared to the previous month's reading of -17.7%.
Key points (via ABS)
May rise in retail sales was the largest ever.
Preliminary figures show rises in every industry.
Large rises for clothing, footwear and personal accessory retailing and cafes, restaurants and takeaway food services.
Sales turnover rose 5.3% in May 2020 compared with May 2019.
About 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.
Market reaction
The aussie dollar saw fresh signs of life on the upbeat Australian data, as AUD/USD revisited daily highs of 0.6867 before retracing slightly to near 0.6860, where it now wavers.
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