Aussie retail sales data for February is out and we have seen a massive beat. The expectation was for 0.3% MoM, up from 0.1% during the previous period, however, the result was a huge 0.8%.
This is a massive jump and one that few would have expected today. When we see a bit of an unexpected result, that has the potential for some follow through so keep a watch of the AUD today.
On the back of the data release the AUD/USD is trading sharply higher and has spiked through the unchanged level.
It is an interesting time for the retail sector on the back of the Federal budget last night. Where middle-income earners were given tax breaks. That, of course, has the opportunity to boost the retail sector, however, all that remains up in the air until the next election.