Australian Dollar Falls as Retail Sales Miss Expectations
- Aussie Dollar fell following disappointing first-quarter retail sales data
- Household goods and consumer retail saw decreased turnover in March
- The RBA has noted increasing downward inflationary pressures in retail
The Australian Dollar weakened nearly half a percent following retail sales data that missed analyst expectations.The report showed turnover fell 0.1 percent in March versus an expected increase of 0.3 percent. The quarterly measure for retail sales also fell relative to analyst expectations, rising 0.1 percent versus the forecasted 0.5 percent.
Department stores saw a 0.1 percent decrease in turnover for March, as clothing, footwear and personal accessory retailing fell 0.3 percent. Household goods sales fell 0.3 percent in March.
AUD/USD fell alongside bond yields following the disappointing data, suggesting markets took the news as dovish. Rate hike probabilities continue to show a 90 percent likelihood that rates remain the same through the end of the year.
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