The first set of data for April Retails sales in Australia has been released as follows, but it is subject to variation on the final read:
Australian Retail Sales MoM April P: 1.1% (exp 0.5%; prev 1.3%).
AUD/USD hs note reacted to the preliminary reading.
The Aussie got a boost overnight following the slide in the greenback, which, from a daily perspective could've on the verge of a lower low deeper into support territory:
A rebound in risk appetite and lower US yields are the recipe to keep the USD under pressure.
AUD will rely more so on offshore equities which too are rebounding:
About 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.
