Early Thursday in Asia, the Australian Bureau of Statistics (ABS) unveiled details of the nation’s preliminary readings of the second quarter (Q2) Retail Sales and foreign trade numbers for June.
That said, the Retail Sales improved to -0.5% QoQ in Q2 2023 versus -0.6% QoQ in prior readings.
However, Trade Balance eases to 11,321M compared to 11,791M in previous readouts and 11,000M expected.
Further details unveil that the Exports drop to -2.0% from 4.0% prior for June whereas Imports slumps with the -4.0% figure compared to 2.0% previous readings.
AUD/USD edges higher from a three-week low
Following the data, AUD/USD rebounds from the lowest level in three weeks marked the previous day, up 0.09% intraday near 0.6545 by the press time.
Also read: AUD/USD licks its wounds at two-month low around mid-0.6500s ahead of key Australia, US data
About Australia 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/australia-q2-retail-sales-slightly-improves-trade-balance-edges-lower-in-june-202308030131