The Australian Dollar climbed to its strongest level in 3-weeks against the Pound and US Dollar early on Thursday after the currency was boosted by the release of a number of positive economic data reports.
According to the Australian Bureau of Statistics, Australia’s trade surplus widened to AUD$468 million in the last month of 2013, up from Novembers figure of AUD$ 83 million. The data smashed economist forecasts for a trade deficit of AUD$ 300 million. Another report also bolstered the currency by showing that retails sales increased more than expected.
Retail sales in the country climbed by 0.5% in December more than the 0.4% expected by economists and added to November’s rise of 0.7%.
A separate report released by the National Australia Bank showed that its business confidence index climbed to 8 in the fourth quarter, up from the 5 figure recorded in the previous quarter.
So far the Australian Dollar has had a positive week after it found support earlier in the week from the Reserve Bank of Australia’s shift in policy away from further rate cuts. The Central Bank chose to leave rates unchanged at 2.5% and stated that stability in the rate will be maintained.
Late in the session the ‘Aussie’ could backtrack if data out of the USA, Europe and UK create volatility in the markets. Both of the Central Banks of the UK and Eurozone are due to announce their latest interest rate decisions and the US is set to release data on the nation’s trade balance and weekly jobs figures.
Australian Dollar (AUD) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Australian Dollar,
,US Dollar,0.8946 ,
Australian Dollar,,Euro,0.6614 ,
Australian Dollar,,Pound Sterling,0.5491 ,
Australian Dollar,,New Zealand Dollar,1.0889 ,
US Dollar,,Australian Dollar,1.1176 ,
Euro,,Australian Dollar,1.5115 ,
Pound Sterling,,Australian Dollar,1.8204 ,
New Zealand Dollar,,Australian Dollar,0.9182 ,
[/table]
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