Consumers of Australia unite - you have nothing to lose but your purse strings!
August retail sales comes in at a huge miss, -0.6% m/m
- expected +0.3%
prior was flat, at 0.0% m/mprior revised down to -0.2% m/m
AUD getting marked down immediately.
Australian Bureau of Statistics on the 'trend' results (the above are seasonally adjusted - it's the sa result that is the immediate market focus)
- Trend estimate rose 0.1% in August 2017. This follows a rise of 0.1% in July 2017 and a rise of 0.2% in June 2017
- In trend terms, Australian turnover rose 2.8% in August 2017 compared with August 2016
This graph of the sa results via Bloomberg ... ugly indeed, lowest in 4 years:
--
Earlier today I posted on Ex RBA Edwards says potential for rate hikes despite low inflation
You might recall Edwards from back in June .... something like eight quarter percentage point tightenings over 2018 and 2019 are distinctly possible
My response then was "No way, Jose."
But, whatever it he is (still) smoking, I would like some please.
