Australian dollar higher as Black Friday, iPhone boost retail spending

The Australian dollar gained as much as 0.4 per cent on Thursday on the release of data showing better-than-expected retail spending in November.

The currency rose to $0.7873 per US dollar after the Australian Bureau of Statistics said month-on-month retail turnover rose 1.2 per cent in November, buoyed by the release of Apple’s iPhone X and Black Friday sales.

Ben James, director of the Australian Bureau of Statistics’ quarterly economy wide surveys, said of the latest reading:

In seasonally adjusted terms, rises were led by the household goods (4.5 per cent) and other retailing (2.2 per cent) industries… Seasonally adjusted sales in both these industries are influenced by the release of the iPhone X and the increasing popularity of promotions in November, including Black Friday sales.

The latest reading followed smaller turnover growth of 0.5 per cent in October and 0.2 per cent in September and beat a median forecast of 0.4 per cent from economists polled by Reuters. Turnover was also up 1.7 per cent from the previous month.

The Financial Times Limited 2018. All rights reserved.

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