November retail sales data due from Australia today ... which is a market focus, though not so much as the December figures (hello Christmas shoppers).
The December data, though, isn't out until next month, so this'll have to do.
- expected is +0.4% m/m
- prior was +0.5%
Comments from Westpac on this data point, they're expecting +0.7% as opposed to the consensus +0.4%
- The pace of sales growth remains sub-par given a consistently more upbeat picture from private sector business surveys
- Consumer sentiment posted a strong rally in October - November, with consumers' job loss fears also easing notably
- Responses to specific questions on Christmas spending plans were also more upbeat than the last few years
- Private sector business surveys also show a continued pick up in conditions across consumer-related sectors
- Overall we expect this to translate into a pick-up in retail sales with a solid 0.7% gain pencilled in for November
- There may be some upside risk to the result and to revisions but this is balanced by aggressive price competition which appears to be restraining nominal sales growth in key segments
For the AUD ... uhhh, wait for China to open?
