When is Australia Retail Sales and how could it affect AUD/USD? – by anilpanchal7 Australia RetailSales Events RiskAversion AUDUSD
for April month. Market consensus suggests an easing in the seasonally adjusted monthly print to 0.2% MoM, suggesting more headwinds for the pressure Reserve Bank of Australia , especially after the Reserve Bank of New Zealand’s dovish hike.
That said, the recent chatters surrounding the Aussie recession, as well as receding monetary policy divergence between the RBA and the Fed, may seek validation from today’s Aussie Retail Sales data. Hence, recovery in the key statistics may allow the AUD/USD to lick its wounds at the yearly low. Technically, a daily closing below the 0.6550 support confluence, now resistance, joins the bearish MACD signals to keep the AUD/USD sellers hopeful. That said, a downward-sloping trend line from late November 2022 and a 61.8%
The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers based on a sampling of retail stores of different types and sizes and it's considered 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.
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