Australian Retail Sales drop 0.8% MoM in June vs. 0% expected

Dhwani Mehta FXStreet

Consumer spending in Australia, represented by, Retail Sales, dropped 0.8\ % in June over the month, compared with the 0% expected and May’s 0.7% increase, according to the latest data published by the Australian Bureau of Statistics (ABS).

Separately, the Stats agency reported the country’s Producer Price Index (PPI) for Q2, which rose 0.5% QoQ vs. 0.9% expected and 1.0% previous.

On an annual basis, Australia’s PPI inflation eased to 3.9% in the second quarter, as against a clip of 5.2% seen in Q1 while matching the market consensus of 3.9%.

Market reaction

AUD/USD dropped to hit intraday lows at 0.6686 before rebounding to near 0..6705, where it now wavers. The spot is down 0.05% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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