Australian retail sales grew by 1.4% during the month of March, well-surpassing the consensus of 1% growth. In immediate trade, the Australian Dollar looked higher. The strong growth in retail sales was fueled by lockdown restrictions being eased nationwide, along with shopping for an earlier than usual Easter holiday. With the Reserve Bank of Australia set to remain highly accommodative for the near term, the Australian economy looks set to continue its robust recovery from the COVID-induced recession. As mentioned, The Reserve Bank of Australia remains in no rush to tighten monetary policy. Minutes for the … (full story)
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