crashbandicoot2ps4| Australia's retail sales fell unexpectedly, as the Australian dollar fell-crash games

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crashbandicoot2ps4| Australia's retail sales fell unexpectedly, as the Australian dollar fell

editor 2024-04-30 8 0

Retail sales in Australia fell unexpectedly in MarchCrashbandicoot2ps4Households face higher borrowing costs over a long period of timeCrashbandicoot2ps4The prospect of. The Australian dollar fell immediately.

Retail sales fell 0% month-on-month, according to government data released on Tuesday.Crashbandicoot2ps4.4%, estimated to be an increase of 0.Crashbandicoot2ps4.2%. Retail sales were revised down to an increase of 0.2% in February.

crashbandicoot2ps4| Australia's retail sales fell unexpectedly, as the Australian dollar fell

The Australian dollar fell 0.46 per cent at one point, and yields on policy-sensitive three-year Australian bonds continued their decline. Money markets' expectations for an interest rate hike in November have been cut to 35 per cent from nearly 60 per cent on Monday.

The report contrasts with last week's higher-than-expected inflation data, which prompted traders to change their bets on cutting interest rates this year to raising them. Economists stuck to expectations of easing, although they delayed expectations of the RBA's first rate cut until November.

"while these figures do show that consumption of goods is faltering, they tell us little about spending on services, which is a bigger concern for the Reserve Bank of Australia at the moment," said Abhijit Surya of Capital Macro. It expects the Reserve Bank of Australia to raise interest rates by 25 basis points next week. Consumer spending should pick up in the coming quarters as real household incomes begin to recover, Abhijit Surya said.

The RBA's next meeting will be held on May 6-7, and most economists expect the key interest rate to remain unchanged at a 12-year high of 4.35%. Some expect the central bank's policy committee to return to tightening tendencies, given higher-than-expected inflation and recent data showing that the labour market remains tight.

Given that consumption accounts for more than half of GDP, retail sales are likely to be an important consideration in decision-making. The Reserve Bank of Australia has repeatedly stressed that the outlook for household spending remains a key source of uncertainty.