Australia Data too Strong to Suggest August Rba Cut Now

Australia Data too Strong to Suggest August Rba Cut Now


Quotes from Societe Generale Cross Asset Research:
-Australia's retails sales were strong in June, rising by 1.0% mom, after a revised gain of 0.8% in May (was 0.5%). Sales were consequently up by 5.4% yoy, albeit in nominal terms. In other words, Australia's consumers are on something of a shopping spree, pointing to solid momentum in consumer demand in Q2, after what was already a very strong first quarter.
-The balance on foreign trade returned to a fractional surplus in June of AUD9m, from a deficit of 313m in May (revised from 285m deficit). The main driving force was a pull-back in imports of 1.6% mom after very strong increases in March and May - hence a strong year-onyear growth rate of 9.3%.



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