Australian retail sales data due at the bottom of the hour – preview

Recent:

• October 2024: Retail turnover increased by 0.6% month-on-month, marking the third consecutive month of growth.

• For November, preliminary reports indicates spending of nearly $7 billion during Black Friday and Cyber Monday sales.

Factors Influencing November’s Data:

• Consumer Behavior: The lead-up to the festive season typically boosts retail sales. Early holiday shopping and promotional events like Black Friday may have positively impacted November’s figures.

• Economic Conditions: Easing cost-of-living pressures, elevated wages, and lower inflation have been anticipated to enhance consumer spending on discretionary items.

Implications:

The data will offer insights into the health of Australia’s retail sector and broader economy, potentially influencing monetary policy decisions. Expectations of a nearer-term RBA rate cut rose after the inflation data yesterday:

• ForexLive Asia-Pacific FX news wrap: AUD dipped after inflation data

This article was written by Eamonn Sheridan at www.forexlive.com.