Aussie Retail Sales suprises to the upside and supports AUD/USD

Australian retail spending and home loans have been released.

Weather and fuel price effects were expected to weigh on Retail Sales in March while housing finance approvals were set to fall in March given the housing cycle peak has started this year. Owner-occupier loans are expected to outstrip investor loans in the decline for the month.

The main data monitored by the markets were Retail Sales, and has, however, surprised to the upside as follows: 

Retail Sales in March arrived at 1.6% vs. expected 0.6%. As a consequence, the Aussie is making tracks to the upside in otherwise slow markets ahead of the Federal Reserve later today. 

The data compliments a hawkish Reserve Bank of Australia that surprised markets yesterday with a 0.25% hike. 

AUD/USD update:

More to come... 

About 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.