Aussie Retail Sales: Beats expectations but well below prior, AUD tries to stabilize around fresh lows

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The primary gauge of Australia’s consumer spending, Retail Sales, has been released by the Australian Bureau of Statistics (ABS) as follows:

Australian Retail Sales (MoM) Aug: 0.6% which is better than the expected 0.4% and the previous 1.3%.

AUD/USD was offered into the data and took put the consolidative lows but is now stabilising on the data, testing the old lows as resistance around 0.6415.

Retail Sales account for approximately 80% of total retail turnover in the country and, therefore, have a significant bearing on inflation and GDP. This leading indicator has a direct correlation with inflation and growth prospects, impacting the Reserve Bank of Australia’s (RBA) interest rates decision and AUD valuation. The stats bureau uses the forward factor method, ensuring that the seasonal factors are not distorted by COVID-19 impacts.

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