The Australian Bureau of Statistics (ABS) announced on Friday the monthly changes in the seasonally adjusted estimates of Australian Retail Sales. According to the report, the index has risen by 0.4 per cent in August, which narrowly missed the initial expectations for a 0.5 per cent appreciation.
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Despite the observed marginal disparity between the findings of the report and the consensus forecasts, the hike in retail sales to a level that was last surpassed in February of 2019 is welcoming news for the RBA.
“The seasonally adjusted estimate rose 0.4% in August 2019. This follows a relatively unchanged result (0.0%) in July 2019 and a rise of 0.3% in June 2019.”
Upon the release of the report, the Australian Dollar rose against the American Dollar by 0.42 per cent, and the price of the pair has thus appreciated above the fundamentally important support at 0.67500.
Hence, the AUDUSD has managed to rise up away from the historically low level of 0.66700, which has last been reached in March of 2009. For the time being, the pair is trading at around 0.67700
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