Investing.com - The Australian dollar is trading higher against
its U.S. rival during Thursday's Asian session after a couple of
surprisingly strong data points boosted the Aussie.
In Asian trading Thursday, AUD/USD is higher by 0.15% at 1.0477.
The pair was likely to find support at 1.0418, the low of March 27
and resistance at 1.0482, the high of March 27.
Official data released earlier today showed Australian retail sales
rose 1.3% in February following a revised 1.2% gain in January.
That easily topped the 0.3% gain economists expected. The February
reading of Australian retail sales shows the largest increase since
In another report, the Australian Bureau of Statistics said
building approvals jumped 3.1% after a 2% drop in January.
The latest Australian Industry Group-Commonwealth Bank index showed
an increase of 1.1 points to 49.6 last month. Readings below 50
indicate contraction, but the rate of declines in the index are
slowing amid 14 straight months of readings below 50.
Those data points come a day after oficial data showed that
Australia's trade deficit narrowed more-than-expected in February,
hitting AUD0.18 billion from a deficit of AUD1.22 billion the
previous month. Analysts had expected the trade deficit to narrow
to AUD1 billion in February.
A separate report showed that new home sales in Australia fell 5.3%
in February, after a 4.2% increase the previous month.
Overall, it would appear the Australian economy, the world's
12th-largest, is on solid ground and that the Reserve Bank of
Australia may continue to hold interest rates steady at 3%. That is
exactly what RBA following its meeting earlier this week.
Elsewhere, AUD/JPY is up 0.09% at 97.44 while AUD/NZD is higher by
0.15% at 1.2447. EUR/AUD is down 0.17% at 1.2262.
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