Australia's economy released its seasonally adjusted Retail Sales for April, where the actual reading came fell to -0.2% compared with a previous of 1.1% while analysts' expectations were leading to 0.2%.
Glenn Stevens the governor of the Reserve Bank of Australia reduced overnight cash rate this month by half a percentage point, which considered the lowest in two years to exceed expectations as most economist forecasted a quarter-point reduction.
Moreover, consumers became more cautious about Europe's sovereign debt crisis and the current slow in non-mining sectors, which negatively affected on consumer spending amid the current uncertainty, where traders are expecting a reduce in interest rate by at least quarter point during the next month's RBA meeting.
Today's fell in Australia's Retail sales supported by the fell in Spending at department stores by 1% with the fell in consumers spending by 0.8% on household goods.
Reserve Bank of Australia gained more forecasts about raising the benchmark interest rate during the upcoming meeting next month in order to rebound national spending and hindered non-mining sector as well as supporting the nation's growth amid the global uncertainty.
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