M/M S/ADJ for Australian retail sales was +0.4 PCT (REUTERS POLL +0.1 PCT).
Meanwhile, preliminary estimates for Australian retail sales in May revealed a dramatic deceleration, with a 0.1 percent increase, according to experts at Westpac.
“Coronavirus limitations had a bigger impact than expected, with a -1.5 percent drop in Victoria despite a boost in’stockpiling’ ahead of the 14-day shutdown in June. The final version may have minor changes, but it will include all of the survey information.”
On the data, the AUD has remained unchanged.
A retreat could be in order from a 4-hour perspective, with a target of 0.75 in a 38.2 percent Fibonacci retracement.
The Australian Bureau of Statistics’ Retail Sales report is a survey of items sold by retailers based on a sample of retail outlets of various types and sizes and is used to gauge the pace of the Australian economy.
It depicts the retail sector’s short- and medium-term performance. Positive economic growth predicts optimistic AUD trends, but a low reading is considered negative or bearish./n
