Retail Sales fell 0.8% in February, beats expectations

The preliminary estimate of Australia retail trade showed a -1.1% decline in Feb and for today's data, it has improved as follows:

Retail Sales fell 0.8% in February, from January, compared to market forecasts of a 1.1% drop.

Sales were still up a strong 9.1% on Feburary last year.

Meanwhile, there was little uptake in the forex space as this data is subject to revisions. AUD/USD is steady around 0.7590.

''The final Feb release will include more granular detail that is likely to highlight the impact of 'mini-lockdowns' during the month in Vic and WA – sales up marginally across other states,'' analysts at Westpac argued. 

Description 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.