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A$ Off Smalls On Retail Sales Miss

AUD

AUD/USD is down slightly on the AU retail sales miss. AUD/USD dipped sub 0.6500, but hasn't seen a great deal of follow through. Earlier lows in the pair, close to 0.6490, which remain intact for now. Session highs sit at 0.6510.

  • The retail sales print came out flat, versus a +0.3%m/m forecast. The ABS noted "“Retail turnover has plateaued over the last six months as consumers spent less on discretionary goods in response to cost-of-living pressures and rising interest rates."
  • AU yields are a touch off session highs, but haven't moved much post the retail sales print. AU-US 2yr spreads are at -90bps, which is around multi-week lows.
  • Lower US equity futures are also likely weighing on AUD at the margin. AUD/JPY is back sub 91.00, although has seen support around the 90.80 region.
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