Australian retail sales Jan stronger-than-expected

Australian retail sales came much better-than-expected at 0.9% on the month of January vs 0.4% expected, which makes the positive deviation of 0.5bp a potential driver to take out 1.0220/25 resistance.

However, with the RBA decision ahead at 3.30GMT, investors may prefer to stay on the sidelines until further clarity on the central bank's monetary statement is given. The other relevant data published was Q4 net export contribution, which stood at 0.6 points vs 0.5 points expected.

According to David Scutt, Treasury Dealer at Arab Bank in Australia, "the data ensures a reasonable Q4 GDP read & good start to 2013 for consumption."

Mar 5, 2013

Australia Current Account Balance -14.7B in 4Q

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Mar 5, 2013

Forex: AUD/USD spikes to fresh weekly highs on better domestic data than expected

Aussie has spiked moderately to the upside printing fresh session and weekly highs at 1.0224 following better than expected domestic data. Retail sales for the month of January jumped to +0.9%, best result since Jun last year, and much better than the +0.4% expected and -0.4% for Dec, revised lower from -0.2%. Current account deficit also showed a better than expected result in the data, down -14.7B vs -15.4B. The pair is currently pull backing a bit from mentioned highs, last at 1.0210.

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