The Australian retail saleswhich measure consumer spending in the country, grew 0.3% quarter-on-quarter in the fourth quarter, up from 0.2% previously, according to official data released on Tuesday by the Australian Bureau of Statistics (ABS). The data exceeded market expectations, with an increase of 0.1%.
Market reaction
Following Australian retail sales data, AUD/USD was down 0.02% on the day at 0.6481.
About Australian Retail Sales
Retail sales published by the Australian Bureau of Statistics is a survey of goods sold by retailers based on a sample of retail stores of different types and sizes and is regarded as an indicator of the pace of the Australian economy. It shows the performance of the retail sector in the short and medium term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is considered negative or bearish.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
