Australia’s Retail Sales, a measure of the country’s consumer spending, dropped 0.3% MoM in February from the previous reading of a 1.1% rise, according to the official data published by the Australian Bureau of Statistics (ABS) on Thursday.
Australia’s Retail Sales, a measure of the country’s consumer spending, rose 0.3% MoM in February from the previous reading of a 1.1% rise, according to the official data published by the Australian Bureau of Statistics on Thursday. The figure came in weaker than market expectations with an increase of 0.4%. Market reaction Following the downbeat Australia’s Retail Sales data, the AUD/USD pair is down 0.11% on the day at 0.6527.
How does the health of the Chinese Economy impact the Australian Dollar? China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar . When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected.
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