Very weak, a big miss for this.
March 2024 retail sales +0.4% m/m
expected +0.2%, prior +0.3%
Awful data. prices up, population soaring, and yet still a negative m/m.
Households are under stress from high interest rates, and given sticky high inflation this is not going to change any time soon:
CBA moves its forecast for an RBA rate cut to November (from September)
This article was written by Eamonn Sheridan at www.forexlive.com.