The Australian dollar was able to overcome the negative impact of the surprise interest rate cut from the Reserve Bank of Australia, rising today. The advance happened with the help of positive macroeconomic data from Australia.
Retail sales rose 0.4% in March on a seasonally adjusted basis, exceeding forecasts and the previous month’s rate of growth. The trade balance deficit shrank from A$3.04 billion to A$2.16 billion in March while analysts had predicted much smaller decline. Earlier this week, the RBA made a surprise cut to its main interest rate, causing a huge slump of the Aussie.
AUD/USD traded at about 0.7469 as of 10:06 GMT today after opening at 0.7453 and rising to 0.7513. AUD/JPY gained from 79.73 to 80.12.
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