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Free AccessSoggy After Data Amid Risk Off Flows
AUD/USD has ground lower in the wake of weak retail sales data, while a stronger greenback in risk off trade is also weighing on the pair.
- December flash retail sales fell 4.2% against expectations of a 1.5% decline, but this figure does suffer from negative base effects after a bumper 7.1% increase in November.
- CBA notes that retail sales continue to run at a high level. "Over the year retail trade is up by a strong 9.4%. Many parts of the retail sector have been positively affected by the coronavirus pandemic as spending has shifted away from services and towards goods. Looking to 2021, our CBA card spending data has showed a slowdown in spending growth in early in the year. The recent restrictions in Sydney and three day lockdown in Brisbane have contributed to this slowdown. Interstate border closures have also put a dent in holiday spending during the Christmas holiday season. While it is disappointing to see this slowing in card spending we see this as being temporary and expect spending growth to pick up now that restrictions have been lifted."
- AUD/USD last down 22 pips at 0.7742, hovering just above session lows and matching lows seen in the US session on Thursday.
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Why MNI
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