Australia’s Retail Sales, a measure of the country’s consumer spending, rose 1.1% MoM in January from the previous reading of a 2.7% drop, according to the official data published by the Australian Bureau of Statistics (ABS) on Thursday. The figure came in weaker than the market expectation with an increase of 1.5%.
Market reaction
Following Australia’s Retail Sales data, the AUD/USD pair is down 0.06% on the day at 0.6492.
About Australia’s 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.
Source: https://www.fxstreet.com/news/australias-retail-sales-comes-in-at-11-mom-in-january-vs-27-prior-202402290031