Australia’s Retail Sales drop 0.2% MoM in October vs. 0.9% prior

Lallalit Srijandorn FXStreet

Australia’s Retail Sales, a measure of the country’s consumer spending, dropped by 0.2% MoM in October from the previous reading of a 0.9% rise, according to the official data published by the Australian Bureau of Statistics (ABS) on Tuesday. The figure came in worse than the market expectation for an increase of 0.1%.

Market reaction

Following Australia’s Retail Sales data, the AUD/USD pair is up 0.05% on the day at 0.6609.

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.

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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