Aussie Retail Sales: Stronger than expected yet AUD/USD unchanged
Aussie Retail Sales arrived at +0.4 pct m/m s/adj (reuters poll +0.1 pct).
Meanwhile, preliminary estimates showed a significant slowing in Australian retail sales in May with a 0.1% rise, analysts at Westpac said.
''Coronavirus restrictions had a more material impact than expected with Victoria recording a -1.5% decline despite some lift in ‘stockpiling’ ahead of the 14-day lockdown in June. The final release may see slight revisions and will include the full survey detail.''
AUD has not budged on the data.
AUD/USD technical analysis
Technically, from a 4-hour perspective, a pullback could be in order, targeting 0.75 the figure in a 38.2% Fibonacci retracement.
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.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
