Australia's May retail sales exceeds expectations, RBA up next

Australia's retail sales for the month of May came at +0.6 % vs 0.2% expected and 1% last. The data is a a positive input for the Aussie. 

As a reminder, all the focus remains placed in today's RBA monetary policy decision, due at 12.30 GMT. 

As ANZ notes: "Following the surprising tilts from the ECB, BoE, and BoC last week, the market is on the hunt for hawkish central bank surprises."

May retail sales - key points (current prices)

The trend estimate rose 0.3% in May 2017. This follows a rise of 0.3% in April 2017 and a rise of 0.3% in March 2017.

The seasonally adjusted estimate rose 0.6% in May 2017. This follows a rise of 1.0% in April 2017 and a fall of 0.1% in March 2017.

In trend terms, Australian turnover rose 3.2% in May 2017 compared with May 2016.

The following industries rose in trend terms in May 2017: Food Retailing (0.3%), Household goods retailing (0.5%), Other retailing (0.5%), Cafes, restaurants and takeaway food services (0.4%), and Department stores (0.4%). Clothing, footwear and personal accessory retailing (-0.3%) fell in trend terms in May 2017.

The following states and territories rose in trend terms in May 2017: Victoria (0.6%), New South Wales (0.4%), South Australia (0.5%), Western Australia (0.1%), the Australian Capital Territory (0.5%), and Tasmania (0.4%). Queensland (0.0%) was relatively unchanged. The Northern Territory (-0.1%) fell in trend terms in May 2017.