AU Retail Sales News Trade 08/01/12 (+30 pips)

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9:30pm NY Time AU Retail Sales Forecast 0.6% Previous 0.8%
ACTION: BUY 1.1% SELL 0.1% AUD/USD

DEFINITION

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“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:

Actual release number came out at 1.0% compared to the expected 0.6% forecast; at the same time, the Australian Trade Balance also came out better at 0.01B versus a -0.36B forecast. Based on both better than forecast numbers, we enter on a BUY AUDUSD at 1.0475. Before the UK Bank of England Rate Decision, we closed the trade with a positive +30 pips of gain. Watch this video and see how simple it is to trade this news…

About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

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