In a relatively quiet week in economic data, investors were expecting the release of preliminary Australian retail sales report for March from today.
According to the preliminary report, Australian retail sales for March reached + 1.4% month-on-month, rising from the -0.8% recorded previously and above the 1% expected.
Additional comments:
” The seasonally adjusted estimate increased 1.4% from February 2021 to March 2021.
In seasonally adjusted terms, Australian turnover increased by 2.3% in March 2021 compared to March 2020.
The March 2021 quarter will remain relatively unchanged compared to the December 2020 quarter, in terms of current seasonally adjusted prices. ”
Since this was the preliminary data, it is subject to revisions, so it has less impact on the Australian dollar.
“There are also signs that retail is declining in areas where the post-COVID reopening is more advanced., reflecting both declining recovery demand and a shift toward non-retail spending, “Westpac analysts warned ahead of today’s data.
Description of retail sales
This survey of goods sold by retailers published by the Australian Bureau of Statistics is based on a sample of retail stores of different types and is considered an indicator of the growth rate of the economy. It shows the performance of the retail sector in the short and medium term. A result above the market consensus is bullish for the Australian dollar, while a result below is bearish.
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