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A$ Crosses Weighed By Retail Sales Miss

AUD

AUD/USD is slightly higher for the session at 0.6995. We dipped earlier to the low 0.6980 region, but there is more interest in cross performances at this stage. AUD/JPY has slumped nearly a full big figure, to be back at 94.65, as yen strongly outperforms in the G10 FX space. There is some stability creeping in, but the pair is still off close to 1% for the session so far.

  • The AU retail sales miss (0.2% versus 0.5% expected) hasn't helped and we are also saw the previous month's print revised to a +0.7% gain from an initial +0.9% print. Weaker consumer sentiment readings, reflecting tighter financial conditions, appears to be cooling spending momentum.
  • Since mid 2021 we have only had 4 months where retail sales have surprised on the downside relative to expectations, including today's outcome.
  • AUD/NZD is also lower, back to 1.1155, from 1.1180 earlier. Note the pair found support sub 1.1100 yesterday after AU's CPI release.
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