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.
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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.
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