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Retail sales in Australia at its weakest period in seven years

EURUSD News by Newsroom on 22:54 November 02, 2017 EST
Australian Bureau of Statistics Thursday's data showed retail sales were flat in September, a big surprise to analysts that had expected a bounce of 0.4 percent following an abrupt decline in August.

Sales fell in nominal terms both in July and August, but adjusted for inflation they still manage to rise 0.1 percent for the third quarter. Retailers did get to sell more goods but got less money for them.

The Australian dollar lost about 20 pips against its US counterpart following the release to be down 0.3 percent at $0.7680 after showing some strength earlier this week.

Meanwhile, the Caixin China services purchasing managers' index rose to 51.2 in October from a previous 50.6 in September, Caixin Media Co. and research firm Markit said also on Friday morning. The index picked up from September's almost 2 year low.