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A$ Stabilizes On Retail Sales Beat

AUD

AUD/USD has pushed back above 0.6900 following the stronger than expected retail sales data, last tracking around 0.6915.

  • AUD/USD was softer in the lead up to the retail sales print, with cross selling also a factor. AUD/NZD dipped back sub 1.1060, around -20pips off recent highs, following yesterday's strong bounce.
  • AUD/JPY also got below 93.80, after opening above 94.00, as softer equity sentiment weighed. We are back above the figure level now though.
  • Regional equities remain a headwind for A$ performance but US futures are tracking slightly higher.
  • The retail sales print was more than double the market estimate, +0.9% versus +0.4% expected. While the ABS noted higher prices boosted the figure, there was broad based strength across the categories. The YoY pace accelerated above +10%, defying weaker consumer sentiment readings, as we highlighted yesterday.
  • AU yields are away from earlier lows, with the A-US 2yr spread edging higher by 1-2bps.
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