Westpac responding (this in very brer)
Annual growth in nominal sales lifted to 3%yr, the strongest pace since July last year
The detail was positive … the gain led by solid rises in ‘discretionary’ store types
- The figures suggest some easing in the soft patch through Dec-Jan, possibly reflecting some relaxation in price competition as well as a firming in demand.
We also had building approvals data from Australia today which wasn’t so great – but as I said prior and over the release, the market focus was on the retailing numbers.
AUd has been taken higher since the data: