Final October Retail Sales was worse than the preliminary estimate of October Retail Sales that revealed a 1.6% increase.
- +1.4 pct MoM s/adj (Reuters poll +1.6 pct).
''The 5% surge in Victoria was a little surprising given that restrictions were not being fully relaxed until November,'' analysts at Westpac said with respect to the preliminary estimate,
AUD/USD is virtually unchanged on the data at 0.7439.
The price is consolidating following the recent rally to fresh cycle highs and would be expected to retest the prior support:
Description of 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.