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Due to Lockdowns, Victoria’s Retail Sales Fall

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Retail trading has slid backwards for the second month in a row as Victoria’s stage 4 restrictions continue to weigh down the nation’s consumption figures. 

Monthly data from the Australian Bureau of Statistics has revealed the country’s retail turnover for September fell 1.5 per cent compared with the August figure, largely driven by falls in food and household goods retailing. 

All states and territories, with the exception of Northern Territory, fell backwards, with Victoria the only state trading below 2019 September levels. 

ABS director of quarterly economy wide surveys Ben James said the latest figures were in contrast to retail turnover trends generally during the pandemic, especially in essential spending categories. 

“Food retailing, household goods retailing, and other retailing, which includes online only retailers, recorded falls this month,” he said. 

“These industries have recorded elevated levels of turnover during the COVID-19 pandemic and continue to trade above the levels of September 2019.” 

The country’s retail turnover for the month rose 5.2 per cent compared with September 2019. 

Trading in department stores and hospitality improved on the previous month.  

The onset of the coronavirus lockdown caused turnover to fall by 9.2 per cent in April, reflecting the forced closure of most retail and food services across Australia. 

Technical Outlook 

In the daily charts of AUD/USD, the pair gained early Wednesday on Sydney session. 

Although lockdown measures in most regions in Australia are in a high-level lockdown, the Aussie dollar was able to pick up against the U.S. dollar. 

One of the reasons why the dollar plummeted is due to the stimulus talks from Nancy Pelosi which have further weighted the greenback.  

As what we can see in the in support and resistance levels in the charts, the pair keeps bouncing off when it almost reaches the support. Traders are starting to play inside this area. With the current market sentiment, Aussie bulls seem to have found a strong buying area backed up with a strong fundamental aspect. 

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