Australia's consumption, as represented by Retail Sales, unexpectedly dropped in the month of January, the Australian Bureau of Statistics (ABS) reported on Friday.

The retail sales arrived at -0.3% month-on-month (MoM), compared to the forecast of 0.0% and down from previous month's reading of -0.5%.

The trend estimate rose 0.1% in January 2020. This follows a rise of 0.1% in December 2019, and a rise of 0.2% in November 2019.

The seasonally adjusted estimate fell 0.3% in January 2020. This follows a fall of 0.7% in December 2019, and a rise of 1.0% in November 2019.

In trend terms, Australian turnover rose 2.3% in January 2020 compared with January 2019.

AUD/USD drops over 10-pips from daily highs of 0.6624 on a negative surprise on the Australian Retail Sales data. The spot manages to hold above the 0.66 handle amid risk reset following a coronavirus-led blood bath in the US markets.

Source : FXStreet