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AUD Firms On Retail Sales Beat, But Limited Follow Through

AUD

AUD/USD firmed a touch following the Mar retail sales release, edging above 0.6670, but hasn't seen gains extend beyond this level. The print was slightly firmer than expected at 0.4%, versus 0.2% expected. Spending slowed from a year earlier to 5.4% (was 6.4% in Feb).

  • The ABS noted food related spending was key driver of the increase, while non-related food spending slowed. The ABS also noted that a clearer picture will emerge once Q1 real retail spending data is released next week (given higher inflation levels will be inflating nominal retail spending to a degree).
  • For AUD/USD post RBA highs sit just under 0.6720 from yesterday's session. Yesterday's lows, pre-RBA were around the 0.6620 region.
  • The A$ continues to underperform the NZD, with the AUD/NZD cross back sub 1.0700. This comes after the firm labor market data in NZ earlier for Q1.
  • Coming up later is a speech from the head of the RBA's economic analysis department, Marion Kohler (05:55 BST, 2:55PM AEST).
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