Aussie Retail Sales: Lower than expected, AUD steady

The Retail Sales released by the Australian Bureau of Statistics has been released as follows:

Retail Sales (M/M) May P 0.1% (est 0.4%; prev 1.1%).

The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it''s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.

Analysts at Westpac said prior to the data that there was renewed COVID turbulence following Victoria's move into a 14-day lockdown.

''That said, this occurred late in the month and was preceded by a lift in 'stockpiling' spending in the state.''