Australian retail sales disappointed the consensus forecast in February. Sales fell by 1.4% on the month versus expectations for a 0.3% rise to bolster the revised 1.1% gain in January. Released simultaneously, Australian private sector credit for February was essentially in-line with economists’ forecasts. Credit rose 0.4% on the month, as expected, and mirroring its gain in January. In annualized terms, credit increased by 1.6% in February versus calls for a 1.5% rise and following the 1.3% gain the month before. Although lower-tier in nature, Aussie building approvals data compounded the disappointing retail sales figures: approvals slipped by 3.3% on the month in February in a move that underarched calls for a 2.1% gain to partially erase the revised 5.5% drop the month before. Following the downbeat retail sales and housing figures, the Australian dollar sold off by almost 0.6 U.S. cents to hit a new session low of $0.9146USD.
AUD/USD Sells Off Following Downbeat Aussie Retail Sales & Building Approvals for Feb
Australian retail sales disappointed the consensus forecast in February. Sales fell by 1.4% on the month versus expectations for a 0.3% rise to bolster the revised 1.1% gain in January. Released simultaneously, Australian private sector credit for February was essentially in-line with economists’ forecasts. Credit rose 0.4% on the month, as expected, and mirroring its gain in January. In annualized terms, credit increased by 1.6% in February versus calls for a 1.5% rise and following the 1.3% gain the month before. Although lower-tier in nature, Aussie building approvals data compounded the disappointing retail sales figures: approvals slipped by 3.3% on the month in February in a move that underarched calls for a 2.1% gain to partially erase the revised 5.5% drop the month before. Following the downbeat retail sales and housing figures, the Australian dollar sold off by almost 0.6 U.S. cents to hit a new session low of $0.9146USD.
