Aussie Retail Sales June +2.4% MoM in another big swing outcome

Australia’s key release is the preliminary read for June Retail Sales are out as follows...

• AUSTRALIA JUNE PROVISIONAL RETAIL SALES +2.4% M/M S/ADJ - ABS
• 21-Jul-2020 19:31:03 - AUSTRALIA BUREAU OF STATISTICS SAYS RETAIL TURNOVER ROSE 8.2% WHEN COMPARED TO JUNE 2019
• 21-Jul-2020 19:32:01 - ABS SAYS LARGE INCREASES IN SALES IN CAFES, RESTAURANTS AND TAKEAWAY FOOD, AND CLOTHING, FOOTWEAR AND PERSONAL ACCESSORY RETAILING

AUD/USD reaction

Following the impressive surge over the past twenty-four hours, AUD has been mute don the release so far. 

The series has produced record swings in recent months due to the pandemic, +8.5%, -17.7% then +16.9% in May, a reminder that this survey is overweight food retailing, underweight services consumption,

analysts at Westpac explained.

Description of the 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.