AUD/USD Near 1.0480 as Retail Sales Exceed Forecasts

Australia’s dollar gained for a fifth day as traders pared bets on interest-rate cuts after retail sales climbed by the most in more than three years.

The so-called Aussie traded 0.2 percent from the strongest level in 10 weeks versus the U.S. currency as retail sales jumped 1.3 percent in February and building approvals rebounded. The New Zealand dollar was near a six-week high against the greenback.

“The retail sales number was extremely strong,” said Alvin Pontoh, an Asia-Pacific strategist at TD Securities Inc. in Singapore. “It justifies the move higher in the Aussie. The Reserve Bank of Australia said this week that there are signs the economy is responding to previous easing of monetary policy and we’re clearly seeing that evidence today.”


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