9:30pm (NY Time) AU Retail Sales m/m Forecast 0.5% Previous 1.0%
ACTION: AUD/USD BUY 1.1% SELL -0.1%
Measures the value of sales at the retail level. A rising trend has a positive effect on the nation’s currency because Retail Sales make up a large portion of consumer spending, which is a major driver of the economy and has a sizable impact on GDP. Traders payclose attention to Retail Sales because it is usually the first significant indicator of the month that relates to consumer behavior and is susceptible to surprises.
UPDATE: Retail Sales came out much worse than expected at -1.4%, but the inflation adjusted number was 2.0% versus 1.3% expected, so a conflict that cause the market to act in a whipsaw manner immediately after the release.
I decided to SELL at the top due to this reason based on a conflict of numbers and the uncertainty surrounding the RBA Interest Rate Statement to be released at 12:30am, or 90 minutes later. Make sure you watch the video once it is available.