Early Thursday in Asia, the Australian Bureau of Statistics (ABS) unveiled details of the nation’s preliminary readings of the second quarter (Q2) Retail Sales and foreign trade numbers for June.

That said, the Retail Sales improved to -0.5% QoQ in Q2 2023 versus -0.6% QoQ in prior readings.

However, Trade Balance eases to 11,321M compared to 11,791M in previous readouts and 11,000M expected.

Further details unveil that the Exports drop to -2.0% from 4.0% prior for June whereas Imports slumps with the -4.0% figure compared to 2.0% previous readings.

AUD/USD edges higher from a three-week low

Following the data, AUD/USD rebounds from the lowest level in three weeks marked the previous day, up 0.09% intraday near 0.6545 by the press time.

Also read: AUD/USD licks its wounds at two-month low around mid-0.6500s ahead of key Australia, US data

About Australia 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.