<p>Australia, retail trade for October: -0.2% </p><ul><li>survey +0.5%</li><li>prior +0.6%</li><li>for the y/y, +12.5% compared with October 2021</li></ul><p>Very weak data for retail sales in October. Higher interest rates will go some way as an explanation. Falling house prices (wealth effect) too.</p><p>Earlier today we had the Reserve Bank of Australia Governor Lowe saying he was trying to stymie demand:</p><ul><li><a href="https://www.forexlive.com/centralbank/rba-gov-lowe-says-demand-is-too-strong-relative-to-supply-20221127/" target="_blank" data-article-link="true">RBA Gov. Lowe says demand is too strong relative to supply</a></li></ul><p>Perhaps he is getting his way. </p><p>The Reserve Bank of Australia next meet on December 6 where a +25bp rate hike is expected. </p>
This article was written by Eamonn Sheridan at forexlive.com.
