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Australian Retail Sales unchanged, Trade Balance deficit grew

Thursday, Jun 04 2015
Australian Retail Sales were relatively unchanged (0.0%) in April 2015, thus missing forecasts on 0.4% increase. This follows a rise of 0.2% in March 2015 and a rise of 0.7% in February 2015. Trend estimate rose by 0.3% in April 2015. The following industries rose in trend terms in April 2015: Food retailing (0.2%), Clothing, footwear and personal accessory retailing (1.0%), Cafes, restaurants and takeaway food services (0.4%), Household goods retailing (0.2%), Other retailing (0.3%) and Department stores (0.2%).
 
Also, Trade Balance figures were released. With imports up 4% and exports down 6% the seasonally adjusted deficit of $3,888 billion is the largest on record, fractionally shading the previous record of $3.881 billion set in February 2008. Analysts are expecting much smaller deficit of $2.17 billion. The ABS said that part of the fall in exports was “driven by coal, coke and briquettes, down $859m (22%) as a result of the temporary closure of ports due to severe weather conditions.”
 
After the figures were released, pair was pushed sharply down, all the way to 0.77 handle, and is currently slightly rebounding being traded few points above 0.7720 level. Pair is likely to find support around 0.7650 area and resistance near 0.78 handle. Later today, in the US session, Unemployment Claims figures are scheduled for a release.
More in this category: « Euro higher after ECB Press Conference Euro higher in a steadier European part of the session »

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