Australia Retail Sales jump 0.7% MoM in May, AUD/USD rises past 0.6600

Australia Retail Sales grew 0.7% monthly in May versus 0.1% expected and 0.0% prior, per the latest economic update from the Australian Bureau of Statistics.

"Sales of A$35.52 billion ($23.52 billion) were up 4.2% from a year earlier, matching April's growth but a world away from post-lockdown boom levels of 19% seen in the middle of last year," said Reuters after the data release.

AUD/USD reversses Aussie inflation-induced losses

Following the data, AUD/USD rises around 20 pips to refresh intraday high near 0.6620, consolidating the previous day’s heavy slump marked due to the disappointing Aussie inflation.

Also read: AUD/USD sellers keep the reins at three-week low near 0.6600 ahead of Australia Retail Sales

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.