🇦🇺Cable FX Macro Weekly Note: Australia April Retail Sales

**As seen in Risk In The Week report 05/19/23,subscribe at cablefxm.co.uk/reports

Australia March retail sales rose by 0.4% M/m, this was above the consensus forecast and the prior figure of 0.2%. March saw food sales rise by 1.0% M/m, the fastest pace since September, apparel sales declined by 1.0%, restaurant sales jumped by 1.5%. Total value of retail sales rose to AUD35.31 billion, the volume of sales is still recovering from the sharp decline seen in December. Economists at Westpac said that their card spending tracker suggest a mixed month in April, they noted soft spending but a lift in food sales due to Easter break. Westpac expects sales to fall by 0.2% M/m and warned that the release holds two-side risks, their call is the lowest in the forecast range.