When is Aussie retail sales and how could they affect AUD/USD?

Aussie retails sales overview

Retail sales are due today for the month of Feb at 12.30GMT. The consensus among markets is for the retails sales to rise 0.3% vs 0.4% previous. Analysts at Westpac noted that consumer sentiment was slipping back into 'cautiously pessimistic' territory in Dec-Feb.Jan retail sales grew by 0.4%, the lift following a soft end to 2016. 

How could retail sales affect AUD/USD? 

On a better retail sales print, we could see the reversal of the 9th March rally pressured with some fresh demand for the Aussie that has so far opened with a bearish bias at the start of this week down to 0.7623 lows. If history is anything to go by, we have seen ranges as high as 50 pips on the release of this data. 0.7680 is the key upside target and recent highs while 0.7580 and recent lows to the downside of 28th March low at 0.7587 guards the 9th March rally from 0.7490. 

Key notes:

Analysts at Westpac explained that the recent pattern has been driven by significant moves in 'household goods' retail due to the closure of the Masters Home Improvement chain. 

AUDUSD: Prefer the downside - Jim Langlands FX Charts

"AudUsd had another tight range on Friday (0.7622/0.7662), closing near the session lows and leaving the outlook unchanged. It may be another range-trade today although it is a busy calendar ahead, led by the local and the Caixin China manufacturing PMIs (released on Sunday @51.2) and the domestic retail sales (exp 0.3%mm) so we could see something more directional. Alternatively, the market may decide to sit on hold while waiting on tomorrow’s RBA Meeting/Interest Rate Decision." 

AUD/USD analysis: increasingly bearish, but still within range - Valeria Bednarik, chief analyst FXSreet

About Aussie Retail sales:

The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it''s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.