Aussie Retail Sales (Pre): Rise in all territories except Victoria by 3.3% for July

The preliminary survey of Australia July retail sales has been released as follows:

• AUSTRALIA PRELIMINARY RETAIL SALES +3.3% IN JULY FROM JUNE -ABS
• 20-Aug-2020 19:31:18 - AUSTRALIAN BUREAU OF STATISTICS SAYS PRELIMINARY RETAIL SALES ROSE 12.2% FROM JULY 2019
• 20-Aug-2020 19:31:41 - AUSTRALIAN BUREAU OF STATISTICS SAYS RETAIL TURNOVER ROSE IN ALL STATES AND TERRITORIES EXCEPT VICTORIA IN JULY

AUD/USD reaction

The Aussie has wobbled on the primary retails sales but still holds on to the 0.72 level.

More to come...

This data is key to the Reserve Bank of Australia as they assess for signs that the economy is improving with signs that consumers are back out there spending which is essential to the velocity of money, jobs creation and ultimately, economic stability. 

''Bear in mind that this series is overweight supermarket sales and underweight services such as hospitality and entertainment,'' analysts at Westpac explained. 

However, a state that is responsible for just under a quarter of the nation's Gross `Domestic product, Victoria, where the coronavirus second wave was rife during this period will have been reflected in this data.

However, there are now signs that cases have started to trend down at the start of August.