Aussie Retail Sales: Misses expectations, AUD remains pressured

The primary gauge of Australia’s consumer spending, Retail Sales, has come out as follows:

Australia October Retail Sales -0.2 pct MoM s/adj (Reuters poll +0.5 pct).

AUD/USD update

0.6700 area holds following failures at 4-hour resistance near the neckline of the M-formation. 

About Retail Sales

The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it''s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish