Australia’s Retail Sales, a measure of the country’s consumer spending, rose 0.9% in September on a monthly basis, as against August’s 0.2% increase, according to the official data published by the Australian Bureau of Statistics (ABS) on Monday. The figure came in better than the market expectation for an increase of 0.3%.

Market reaction

AUD/USD picks up bid following the upbeat Australian data. The spot is trading at 0.6347, up 0.22% on the day, as of writing.

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.