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Australian retail sales data released today shows a month-on-month increase of 0.6% for October 2024, exceeding market predictions of a 0.3% rise. This marks the third month in a row that retail sales have grown, following a slight increase of 0.1% in September and a stronger 0.7% in August.
Key Highlights:
Year-on-Year Growth: Retail sales were up 3.4% compared to October 2023, a significant jump from just 1.2% growth the previous year.
Sector Performance: The growth was mainly driven by increased household goods and dining out spending.
Regional Variations: Sales growth differed across states. New South Wales and South Australia had positive development, while regions like Victoria and Tasmania saw declines.
This positive trend in retail sales is viewed as a good sign for consumer confidence and might affect the Reserve Bank of Australia's future decisions regarding interest rates.
AUDUSD Levels to watch -
Resistance- 0.6550/0.6600/0.6685
Support- 0.6480/0.6430/0.6400
