Australian retail sales grew 1.2% in January, a huge beat on the 0.4% expected by the market.
The December number was revised up to 0.7% to 0.5%.
It comes along with a trade balance of +1.4 billion for the month, an increase of 142% on December.
The Australian dollar has ripped higher on the news and is back above US90c. Here’s the chart, via investing.com:
It follows higher-than-expected annual GDP growth of 2.8% announced yesterday.
These are growing signs that the long-awaited pickup in the non-mining sectors of the economy might be washing through.