4 Jun 2015
AUD weighed up on by weak retail sales and trade reports - BTMU
FXStreet (Guatemala) - Bank of Tokyo-Mitsubishi UFJ, Ltd explained that the Australian dollar has weakened in the Asian trading session following the release of the weaker than expected Australian retail sales and trade reports for April.
Key Quotes:
"The reports revealed that retail sales growth was flat in April following a downwardly revised expansion of 0.2% in March."
"Retail sales growth has softened over the last couple of months although follows strong readings at the start of the year."
"The underlying trend for retail sales growth remains relatively strong having expanded by an annual rate of 4.1%."
"The RBA is unlikely to be overly concerned by today’s weaker than expected retail sales report. It was also revealed overnight that Australia’s posted a record trade deficit at AUD3.89 billion in April."
"The trade deficit widened sharply in April driven by a AUD1.56 billion fall in exports and a AUD1.1 billion increase in imports. The reversal in April follows the significant boost from net trade to economic growth in Q1."
"The reports signal that Australian dollar strength following the better than expected Q1 GDP report may prove temporary."
Key Quotes:
"The reports revealed that retail sales growth was flat in April following a downwardly revised expansion of 0.2% in March."
"Retail sales growth has softened over the last couple of months although follows strong readings at the start of the year."
"The underlying trend for retail sales growth remains relatively strong having expanded by an annual rate of 4.1%."
"The RBA is unlikely to be overly concerned by today’s weaker than expected retail sales report. It was also revealed overnight that Australia’s posted a record trade deficit at AUD3.89 billion in April."
"The trade deficit widened sharply in April driven by a AUD1.56 billion fall in exports and a AUD1.1 billion increase in imports. The reversal in April follows the significant boost from net trade to economic growth in Q1."
"The reports signal that Australian dollar strength following the better than expected Q1 GDP report may prove temporary."