Aussie Retail Sales arrives well below prior and estimates, AUD pressured

Australia December preliminary Retail Sales arrived at -4.2% MoMs/adj vs the Reuters poll -2.5%.

More to come...

Description of Australian Bureau of Statistics

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.