Australia final March Retail Sales data has been released as follows:
Australian Retail Sales (MoM) Mar 1.3% (est 1.4%; prev 1.4%).
Preliminary estimates were led by reopening rebounds in WA and Vic, which were affected by 'mini-lockdowns' in Febuary.
Meanwhile, analysts at Westpac explained that ''real Retail Sales look to have eased a touch in Q1, preliminary monthly estimates showing nominal sales down –0.1% for the quarter. The CPI detail suggests retail prices remain subdued, for food in particular.''
AUD/USD nudged a fraction lower on the data but is recovering from the 5-min support to trade between 0.7845 and 0.7862, higher by 0.15% on the day.
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AUD/USD Price Analysis: Bears seeking a 38.2% Fibo retracement
Description of 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.
