Australia’s Retail Sales jump 0.5% MoM in July vs. 0.3% expected

Dhwani Mehta FXStreet

Australia’s Retail Sales, a measure of the country’s consumer spending, jumped 0.5% in July on a monthly basis when compared to the expected 0.3% increase and June’s 0.8% decline, the latest data published by the Australian Bureau of Statistics (ABS) showed on Monday.

Key takeaways (via ABS)

Food retailing was relatively unchanged 0.0% (-$6.4m) in July, in seasonally adjusted terms.

Household goods retailing fell 0.2% (-$10.3m) in July, in seasonally adjusted terms.

Clothing, footwear and personal accessory retailing rose 2.0% ($56.7m) in July, in seasonally adjusted terms.

Department stores rose 3.6% ($65.1m) in July, in seasonally adjusted terms.

Other retailing rose 0.3% ($15.6m) in July, in seasonally adjusted terms.

Cafes, restaurants and takeaway food services rose 1.3% ($68.4m) in July, in seasonally adjusted terms.

Market reaction

AUD/USD failed to find any inspiration from the upbeat Australian data. The spot is trading at 0.6430, up 0.45% on the day, as of writing.

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.

AUD/USD sticks to positive bias above 0.7100; lacks bullish conviction

AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.

USD/JPY retreats below 157.00 as Ueda speaks on outlook

USD/JPY reverses the uptick to two-week highs near 157.30 in the European session on Friday as the Japanese Yen finds some respite from BoJ Governor Ueda's comments at the post-monetary policy meeting press conference. Earlier in the day, the central bank hiked the interest rate to 1.25%, with a surprise 7-2 vote.

Gold advances to fresh weekly top; eyes $$4,400 as softer US bond yields cap USD gains

Gold attracts some follow-through buying for the second straight day, and touches a fresh weekly high heading into the European session. US bond yields retreat further from multi-year highs as the recent pullback in crude oil prices helped alleviate immediate fears of runaway inflation. This caps gains for the US Dollar and supports the bullion.

Bitcoin extends recovery, Ethereum eyes $2,500, XRP holds $1.30

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their recovery, trading above $76,700, $2,400 and $1.300, respectively, on Friday. These top three cryptocurrencies now face key technical levels that could determine whether their recoveries extend further or pull back.

Cardano extends gains on bullish derivatives

Cardano (ADA) extends its recovery, trading above $0.210 at the time of writing on Friday, after finding support around a key zone earlier this week. Improving derivatives positioning and supporting technical indicators indicate growing bullish sentiment among ADA traders. Derivatives data shows a bullish tilt among Cardano traders.

How Japan became the World's Banker and why that era may be ending

Japan's ultra-low interest rates helped finance trillions of dollars in global investments for more than a decade, making the Japanese Yen one of the world’s cheapest sources of funding. With the Bank of Japan expected to tighten policy again this week, that advantage may be entering a new phase. While most major economies raised interest rates, Japan remained the world's outlier.