3 Jul 2013
Flash: AUD/USD eyed Australian retail sales
FXstreet.com (Barcelona) - Australia’s calendar along the current Asian session could be a mover for the AUD/USD, says Sean Callow, Global FX Strategist at Westpac.
Both trade balance and retail sales will likely set the tone for the Asian trading in AUD/USD. Providing some preview comments on the retail sales numbers, Callow notes that "After a burst of spending in Jan-Feb, retail sales have resumed the soft trend consistent with the ‘cautious consumer’, -0.4% in Mar then 0.2% in Apr."
Westpac Economists are looking for a muted 0.2% rise in May, "a month where a goodie-free federal budget overshadowed the RBA rate cut to see consumer sentiment fall steeply" Callow said. Further adding that "Retailer anecdotes however suggest a soft month rather than an outright contraction, with consensus at +0.3% m/m."
Both trade balance and retail sales will likely set the tone for the Asian trading in AUD/USD. Providing some preview comments on the retail sales numbers, Callow notes that "After a burst of spending in Jan-Feb, retail sales have resumed the soft trend consistent with the ‘cautious consumer’, -0.4% in Mar then 0.2% in Apr."
Westpac Economists are looking for a muted 0.2% rise in May, "a month where a goodie-free federal budget overshadowed the RBA rate cut to see consumer sentiment fall steeply" Callow said. Further adding that "Retailer anecdotes however suggest a soft month rather than an outright contraction, with consensus at +0.3% m/m."