The Retail Sales released by the Australian Bureau of Statistics has been released as follows:

• Australian Retail Sales MoM final actual 0.2% (forecast 0.2%, previous 1.9%).

AUD/USD is making session highs of 0.6663 so far.

About Retail Sales

The primary gauge of Australia’s consumer spending, Retail Sales, is released by the Australian Bureau of Statistics (ABS) about 35 days after the month ends. It accounts for approximately 80% of total retail turnover in the country and, therefore, has a significant bearing on inflation and GDP. This leading indicator has a direct correlation with inflation and the growth prospects, impacting the Reserve Bank of Australia’s (RBA) interest rates decision and AUD valuation. The stats bureau uses the forward factor method, ensuring that the seasonal factors are not distorted by COVID-19 impacts.