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Australian retail sales Dec under-delivers; heightened expectations RBA cut

Retail sales in Australia came much lower-than-expected, down 0.2% in December vs a +0.3% rise analysts had been calling for. To make it worse, previous month -0.1% was revised lower to -0.2%.

The data is surprising, as December is typically a month where sales usually get a nice boost. The quarterly data was also poor, at +0.1 in Q4 vs +0.3 expected. The previous quarter was revised from -0.1% to -0.3%.

The 0.5bp deviation between the consensus data and the actual number has taken its toll on the Aussie down over 30 pips to now threaten key support at 1.0360. The data adds weight for an RBA cut in March. Market now pricing a 50% chance of cut vs 45% prior to the retail data.

Forex: AUD/USD slips to session lows on weak Aus retail sales data

Aussie slips to fresh session lows, last at 1.0373, on weaker than expected retail sales figures, down -0.2% for the month of Dec on a monthly basis, coming from a previous of -0.1% (revised to -0.2%), making it fourth consecutive decreasing data since Oct. The Aus retail trade for the 4Q comes at +0.1% with previous revised down from -0.1% to -0.3%.
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Forex: AUD/NZD prints fresh 29-month lows on poor Aus retail sales data

As AUD/USD keeps falling printing fresh 2013 lows, last at 1.0346, following weak retail sales figures in Australia, so does AUD/NZD cross, last at 1.2256, fresh 29-month lows, with NZ markets closed today over holiday. Australian retail sales for the month of December showed a decline of -0.2% on a monthly basis, coming from a previous of -0.1% and revised lower to -0.2%, making it fourth consecutive month with decreasing data.
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