Australian retail sales Jan stronger-than-expected

FXstreet.com (Barcelona) - Australian retail sales came much better-than-expected at 0.9% on the month of January vs 0.4% expected, which makes the positive deviation of 0.5bp a potential driver to take out 1.0220/25 resistance.

However, with the RBA decision ahead at 3.30GMT, investors may prefer to stay on the sidelines until further clarity on the central bank's monetary statement is given. The other relevant data published was Q4 net export contribution, which stood at 0.6 points vs 0.5 points expected.

According to David Scutt, Treasury Dealer at Arab Bank in Australia, "the data ensures a reasonable Q4 GDP read & good start to 2013 for consumption."

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