When is the Australian Retail Sales and how could they affect AUD/USD?

Retail Sales overview

Early Tuesday, the market sees the preliminary reading for the November month Retail Sales data from Australia at 00:30 GMT. Following successive two months of recovery, recently with +1.4% YoY, AUD/USD traders are expecting another positive reading to keep the latest recovery moves. In addition to be the key economic barometer, the RBA’s mixed signals and the Aussie government’s optimism, as revealed in the Mid-Year Economic Forecasts, also highlight preliminary data on Retail Sales.

How could it affect AUD/USD?

AUD/USD seesaws around 0.7580/90 while consolidating the previous day’s bounce off 0.7461 during the early Tuesday’s Asian trading. The pair recently benefited from the hopes of the US coronavirus (COVID-19) stimulus updates as well as vaccine developer’s messages suggesting the ability to tame the new variant of the virus.

Talking particularly of the data, the macroeconomics may get an immediate positive response in case of another upbeat reading while a surprise negative may have to rely on the qualitative catalysts for more impact.

Technically, AUD/USD bounced off 21-day SMA, at 0.7455 now, but need to cross the previous day’s high of 0.7615 to recall the buyers. Meanwhile, an ascending trend line from November 02, currently around 0.7520, can offer immediate support during fresh downside.

Key Notes

AUD/USD eyes Aussie Retail Sales to keep 0.7600 on bull’s radar

AUD/USD Forecast: Good bounce, but upside still limited

About Australian Retail Sales

The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it's considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.