Aussie Retail sales in focus at 11:30 AEDT

Retail sales figures out today are expected to be weak, with consumer demand having softened since the government's cash payments ended mid-year. AUD gains were limited over a concern that the recent RBA rate hikes may begin to choke off economic recovery in Australia. Tuesday Australia reported weaker than expected building approvals and a modest drop in November PMI. The retail sales report today should give a better read about consumer demand in Australia and whether RBA rate hikes are impacting Australia's domestic economy.