After a couple of days of falling, AUDUSD is looking for a reason to recover.
On Friday, the Australian Dollar is being corrected against the USD the current quote for the instrument is 0.7370.
The statistics published by Australia this morning showed that the Retail Sales added 0.4% m/m in June, which is a bit more than expected. In May, the indicator also expanded by 0.4% m/m.
As a result, the Retail Sales managed to keep the momentum and continued improving quite steadily. The indicator provides an aggregated measure of sales of retail goods and services over a specific time period via retail networks and may be considered as one of the most objective assessments of the country’s economic growth.
On QoQ, the indicator increased by 1.2% in the second quarter, which turned out to be much better than in the previous one. It’s a good signal for the Australian economy and the Aussie, because in may positively influence not only sales, but manufacturing and production as well.
The components of the report show that the major contribution was made by food retailing (+0.4%) and clothing, footwear, and personal accessory (+0.7%). It means that the country’s population is very active in spending money.