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Australian Retail Sales up by 0.3%

Friday, Jul 03 2015
Australian Retail Sales rose 0.3% in May 2015, missing forecasts on 0.5% increase. This follows a fall of 0.1% in April 2015 and a rise of 0.2% in March 2015. The following industries rose in trend terms in May 2015: Food retailing (0.2%), Clothing, footwear and personal accessory retailing (0.8%), Household goods retailing (0.3%) and Other retailing (0.2%). Cafes, restaurants and takeaway food services (0.0%) and Department stores (0.0%) were relatively unchanged. 
 
A retail revival is very much needed as the industry accounts for A$288 billion of Australia's A$1.6 trillion ($1.22 trillion) of annual economic output, and is the second biggest employer with 1.25 million workers.There had been reason to believe consumers would be more free with their cash given a run of upbeat jobs data and a drop in the unemployment rate had brightened the national mood.
 
After the data Aussie was pushed lower and is currently being traded below 0.76 handle. Pair is likely to find support around 0.7550 area and resistance above 0.7640 level. There will be no major data releases in the rest of the session.
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