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Australia March retail sales below expectations

FXstreet.com (Barcelona) - Australia March retail sales came below expectations at -0.4% vs expectation of +0.2%. The immediate reaction of the Aussie was to sell-off over 30 pips, an average drop that Westpac has anticipated earlier on the day.

Meanwhile, on a quarterly basis, real retail sales were up +2.2% in the first quarter, which in view of Stephen Koukoulas, Managing Director of Market Economics, is "a nice start to Q1 GDP."

According to Eamonn Sheridan from Forexlive: "Any result below expectations AUD negative. I’d be more wary of downside surprises, AUD/USD has been offered so far today and the downside is the danger side."

Australia April ANZ job advertisement came at -1.3% vs. -0.5% prior. "No brainer tomorrow for rate cut" adds Mr. Koukoulas.

Forex: NZD/USD edges higher in early Asia trade

The NZD/USD finished the week up 48 pips at 0.8532. It could be a busy week for the pair with a number of important economic releases due out which include the RBNZ Financial Stability Report and NZD Employment Data. In the near term, it will be worth keeping an eye on Aussie Retail Sales (1:30 GMT) and HSBC China PMI (1:45GMT) both due out a bit later in the session. The pair is currently up 20 pips at 0.8552 during the Asia session.
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Australia: Retail Sales s.a. (MoM) (Mar): -0.4% vs 1.3%

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