Early this morning, the Australian Bureau of Statistics (ABS) reported a massive increase in the country's Retail Sales by 8.2 per cent, which is the highest monthly surge on record.
In comparison, the indicator was recorded at 0.5 per cent in February. The colossal increase is attributed to the panic buying during the early days of the coronavirus outbreak in Australia, which saw consumers flocking to supermarkets to stockpile household essentials.
Australia Retail Sales. Image source: TradingEconomics.com
The data supported the strengthening of the Australian dollar in the short term, albeit being unhealthy for the broader economy. That is so because panic hoarding is an excess, which is straining the economic circulation instead of contributing to healthy economic growth.
The AUDUSD thus strengthened by 0.70 per cent after the report was released; however, the bullish commitment that has supported the Aussie's recent gains appears to be waning.
The pair is currently trading at around 0.63300, but if the underlying trend continues to lose its strength, the pair might fall to or below the 0.620000 level before it finds the necessary support.
AUDUSD 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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