Australian Retail Sales Advanced by 0.5%, Higher than Projected - 4.7.2012

The seasonally adjusted Retail Sales in Australia rose by 0.5 per cent in May higher than a revised 0.1 per cent increase in April but lower compared to a 0.9 per cent increase in March, according to the Australian Bureau of Statistics. Moreover, economists were expecting Retail Sales to increase by 0.3 per cent in May but the release was unexpectedly higher. The Aussie rose slightly against the greenback early on Wednesday morning from 1.0271 to find resistance at 1.0318. However the Australian dollar was unable to hold its ground and is trading for the time being at 1.0269 against the US dollar.