Australia preliminary Retail Sales for October +1.6% MoM and beat estimates of +0.3%, so was a significant beat although is subject to revisions in the final data.
AUD/USD is firmer on the data and closing on the psychological 0.7280 level.
The seasonally adjusted estimate rose 1.6% ($460.5m) from September 2020 to October 2020. In seasonally adjusted terms, Australian turnover rose 7.3% in October 2020 compared with October 2019.
Cafes, restaurants and takeaway food services led the rises, although there were also rises for Other retailing, and Clothing, footwear and personal accessory retailing. Household goods retailing was relatively unchanged, maintaining recent strength.
AUD/USD 15-min chart
The hourly chart displays a firm layer of support and price is en route for a 50% mean reversion level guarding resistance between 0.7290/7300.
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.
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