Aussie Retail Sales pushes AUD higher towards key resistance

A series of data was released which has supported the Aussie.

December Retail Sales climbed past 3.9% forecasts and 4.9% prior to 7.3% MoM whereas the Trade Balance eased to 9423M versus 10600M expected and 11220M previous readouts.

AUD/USD impact

About the Retail Sales data

The primary gauge of Australia’s consumer spending, the 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.