Jan 14, 2025 (The Australian - ABIX via COMTEX) --
Official data shows that growth in Australia's retail sector during the past six months was the strongest in the last decade, excluding the COVID-19 pandemic. The strong retail sales will make it hard for the Reserve Bank to justify an interest rate cut in February, despite political pressure to do so. The Australian dollar has fallen by 11 per cent against its US counterpart since September, and a rate cut in February could potentially see the currency retreat further. It should be noted that Australia's non-food retail sector is dominated by imports, which are largely priced in US dollars..
Publication Date: 15 January 2025
RESERVE BANK OF AUSTRALIA
COMTEX_461847879/2229/2025-01-14T17:56:29
By Robert Gottliebsen
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