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Retail Sales Downside Miss, But Little Market Reaction

AUSTRALIA DATA

AU retail sales printed at -2.7% m/m, versus -1.7% forecast. The Nov number was revised down to a +1.6% gain from +2.0% prior. The ABS noted the m/m volatility reflects the bring forward in spending to due sales in Nov. The trend was only up a touch. So overall spending is still only growing modestly.

  • AUD/USD dipped modestly but there has been no follow through. We sit back close to session highs near 0.6620. In the bond space, futures have ticked 1bp higher but OIS are unchanged.
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