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Australia's retail sales surged 0.70% m/m in August, well above the expected 0.40%. Annual retail sales rose by 3.1%. The jump was mainly due to warm weather, which increased the sales of clothing and cafes.
Robert Ewing, head of business statistics at the Australian Bureau of Statistics (ABS), explained that “this year was the warmest August on record since 1910, which saw more spending on items typically purchased in spring.” Categories that saw increased demand included summer clothing, liquor, outdoor dining, hardware, gardening supplies, camping gear, and outdoor equipment.
Major resistance- 0.7000
Near-term resistance - 0.6950
Minor support- 0.6860,0.6800
Trend reversal level- 0.6620
