Increase in Australian Retail Sales Higher than Expected

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Increase in Australian Retail Sales Higher than Expected
Increase in Australian Retail Sales Higher than Expected

Reports announced on Thursday indicated that the Australian retail sales had recorded an increase in the previous month, and the readings were higher than expected. Although analysts had estimated the value to increase 0.3% last month, the report presented by the Australian Bureau of Statistics stated that the retail sales in Australian had increased to an adjusted value of 1.3%, from 1.2% in the previous month when the reading was revised higher from 0.9%.

In related news, official data presented on Thursday showed that Australian approvals towards the building of new houses had also registered an increase in the previous week. In the report presented by Australian Bureau of Statistics, it was elaborated that Australian Building Approvals had moved up to 3.1%, from a value of -2.0% in the prior week when the value was revised higher from -2.4%. Analysts, however, had anticipated Australian Building Approvals to climb to 2.4% last week.

In the Euro Zone, initial data available on Wednesday indicated that consumer price inflation had eased to the lowest position, in March, since June 2010. In the official report, Eurostat elaborated that the consumer price inflation had increased by a value of 1.7% in March, with easing trends, in comparison to February’s 1.8% reading. However, analysts had projected that the CPI to ease to a value of 1.6% previous month.

Crude oil inventories in the U.S. had recorded an increase last month, which was higher than predicted, according to the official data available on Wednesday. The report presented by Energy Information Administration stated that U.S. Crude Oil Inventories had climbed to an annual rate of 2.707M, from a value of 3.256M in the previous month. There was speculation among analysts that U.S. Crude Oil Inventories may increase 2.200M last month.

According to data available on Wednesday, U.S. gasoline inventories slid lower than anticipated in the previous quarter. US Energy Information Administration stated in the report that U.S. Gasoline Inventories had declined to an annual rate of -0.572M, from -1.596M observed in the earlier quarter. Analysts had estimated U.S. Gasoline Inventories to descend 825M in the previous quarter.

In the U.K., the improvement in the construction sector activity was lower than projected in March, staying in contraction region for five consecutive months, according to industry data available on Wednesday.