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Economy: Australia retail sales and building approvals jump

Posted by Akhilesh Ganti on Apr 3, 2013 8:33:00 PM

Australian economic data continued the trend of positive surprises as both retail sales and building approvals post higher than expected results. Retail sales came in at +1.3% (m/m) easily exceeding market expectations of +0.3% while building approvals posted +3.1% (m/m) which surpassed the +2.4% estimate. The AUD/USD jumped higher on this data as it went from 1.0460 to 1.0491 and currently sits at 1.0480.

The huge jump in retail sales was led by gains in household goods and department stores as rate reductions probably encouraged spending. This data further validates RBA Governor Stevens’s decision to hold rates steady after the 175 basis points of reductions and lends credence to the notion that the Australian economy is, once again, in an expansionary mode.

{charts:Bloomberg} (click to enlarge)

Retail sales

Australia retailSales feb2013

Building Approvals

Australia buildingapprovals feb2013


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