Australia retail sales data due soon - adding a preview

0130 GMT data brings Australia Retail Sales for May

• expected 0.2%, prior -0.1%

Earlier:

• Australian retail sales data due 4 July 2019 - preview

This now via SG:

• Retail sales will return to steady growth in May after a slight contraction in April, as we suspect that consumption will extend the slower - albeit still positive - growth that was shown by 1Q19 GDP data.
• Steady, or lukewarm, growth in retail sales is likely to continue for the time being, as consumption will continue to be negatively affected by the weak housing market.

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For the AUD - if the data is a beat the AUD will be constrained by the jump it had in overnight trade. If its a miss I I suspect any dip will run into bids circa 0.7015.