Australia’s retail sales increased by 0.7% month-on-month in May, surpassing the 0.6600 level, in the AUD/USD currency pair.
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Australia Retail Sales grew 0.7% monthly in May versus 0.1% expected and 0.0% prior, per the latest economic update from the Australian Bureau of Statistics.
“Sales of A$35.52 billion ($23.52 billion) were up 4.2% from a year earlier, matching April’s growth but a world away from post-lockdown boom levels of 19% seen in the middle of last year,” said Reuters after the data release.
Following the data, AUD/USD rises around 20 pips to refresh intraday high near 0.6620, consolidating the previous day’s heavy slump marked due to the disappointing Aussie inflation.
Also read: AUD/USD sellers keep the reins at three-week low near 0.6600 ahead of Australia 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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