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AU Retail Turnover Down in September

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Australian retail turnover fell 1.1 percent in September 2020, seasonally adjusted, according to the Australian Bureau of Statistics (ABS) Retail Trade figures.  

Although the retail trading witnessed a fall last month, it is still well ahead compared to last year. Food and consumption still remain above levels compared to 2019. 

The retail turnover of September fell 1.1 percent compared to August as shown by the Australian Bureau of Statistics. 

“Falls in the September month were led by household goods retailing (-3.6 percent), and food retailing (-1.5 percent),” ABS director of surveys, Ben James said. 

“However, both industries continue to trade at elevated levels compared to September 2019.” 

Other services such as café, restaurants and takeaway services rose 3.5 percent, while department store retailing rose 1 percent compared to last month. 

Retail sales rose to 6.5 percent for September quarter, the largest quarterly rise ever recorded. 

“The quarterly rise was driven by a recovery in industries that saw sharp falls in the June quarter 2020, as well as continued strength in industries such as food retailing, other retailing and household goods,” he said.  

Quarterly volume growth was partially offset by Victoria, which fell 4.2 percent. New South Wales (11.6 percent) led the rises by the state and territory. 

The trend series has been suspended from February 2020 due to Covid-19 and associated changes that will impact the original and seasonally adjusted series. 

The next release will be the Preliminary result for the October month. Data will be released on November 20, 2020. 

Technical Outlook 

  

In the daily charts of AUD/USD, the pair edged lower early in the Asian trading session. 

The Australian dollar fell 0.2% to $0.7143. 

As what we can see in the daily chart of AUD/USD, the pair resisted at the resistance level at 0.72431. 

If the DXY will push lower later in the day, we may expect the Aussie dollar to breakout from the resistance level at 0.72431 which may signal a strong Aussie dollar all throughout the week. 

The Australian dollar gained upon the opening of the Sydney session but gave up its gains a few hours later due to uncertainty in the U.S. Presidential Elections. The DXY pushed higher for a while signaling a whipsaw then quickly dropped later. This signals the uncertainty in the market sentiment and trading any currency paired with the U.S. dollar should be taken with in-depth pre-caution.  

 

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