Australia's retail sales drop for third straight month in December

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Source: Reuters
Retail sales in Australia shrank for the third time in a row in the month of December, putting pressure on the central bank to loosen its monetary policy and pushing the Australian Dollar down. A report released by the Australian Bureau of Statistics showed a 0.2% decline in the last month of 2012 to A$21.42 billion ($22.3 billion), compared to an initially expected increase of 0.3%.
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