Due at 0130GMT from Australia is the retail sales data for July, along with other data

Preview via Westpac:

  • Retail sales posted a third consecutive 0.4% gain in June, the run of reasonably solid gains following a difficult March quarter that saw nominal sales up just 0.6%qtr. The store-type detail showed reasonably solid gains for most categories in the June month with some give back for department stores more than offset by gains for food; household goods and clothing retail.
  • Indicators were uneven in July. Consumer sentiment posted a surprise rally to a 5yr high boosted by the government's tax package passing into legislation. Private business surveys were mixed, retail responses to the NAB survey suggesting conditions dipped back into negative in the month but the AIG PSI suggesting some improvement.
  • On balance, we expect July to show a 0.3% gain. Note that price discounting pressures look to have eased a touch and may ease further with GST changes on July 1 that mean low value imported goods will now be taxed.

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also, this via NAB:

  • Retail Sales has recorded moderate growth over the past few months- but this month, we expect a slight decline in sales of 0.1% m/m.
  • Declines in food retailing (-0.1.% m/m), clothing & footwear (-0.4% m/m) and cafes & restaurants (-ag% m/m) are expected to drive a weaker overall retail print this month.
  • Food retailing … sector is the main source of uncertainty for our forecast -just how much will food retailing (temporarily) decline? Elsewhere, Clothing & Footwear has had two markedly strong months for sales, alongside end-of-financial-year discounts; we expect these sales to pullback in July