Australian Retail Sales May came in a touch better than expected, +16.9 pct MoM vs 16.3 pct expected and prior.
Australian May 20 Retail Sales
Australian retail turnover rose 16.9 per cent in May 2020, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) Retail Trade figures. This updates the preliminary result of a 16.3 per cent rise published on 19 June 2020 and follows a fall of 17.7 per cent in April 2020.
The gradual easing of social distancing regulations, and the re-opening of physical stores, bolstered retail trade in May,
said Ben James, Director of Quarterly Economy Wide Surveys.
Retailers across a range of industries reported high numbers of consumers returning to stores, with some retailers noting levels similar to those seen in December.
AUD/USD outlook
AUD/USD is unchanged on the data, travelling sideways into holiday thin market conditions.
At the time of wiring, AUD/USD is flat on the session at 0.6926, easing from its highs of 0.6931.
Meanwhile, the ASX 200 Index was trading 6032 pre-market and bid following Wall Street surging on a record payrolls jump. at the time of writing, The index is up 0.9% and has rallied from a low of 6087 to a high of 6110, the highest levels since the strat of June.
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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