Aussie Retails Sales Falls

Australian retail sales unexpectedly declined in December, the first drop in six months, as consumers spent less at grocers and on dining out in an economy where employment growth stalled last year.

Sales slipped 0.1 percent from a month earlier, when they rose a revised 0.1 percent, the Bureau of Statistics said in Sydney today. The result compares with the median forecast in a Bloomberg News survey of 26 economists for a 0.2 percent gain.

The report validates Reserve Bank of Australia Governor Steven’s decision to lower the nation’s benchmark interest rate by a quarter percentage point on Nov. 1 and Dec. 6 to help revive household demand. The central bank’s board meets tomorrow to decide on rates, and most economists predict a third straight reduction.

Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Kenny Fisher

Kenny Fisher

Market Analyst at OANDA
A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including Investing.com, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.
Kenny Fisher

Latest posts by Kenny Fisher (see all)