The Australian dollar is headed back toward a near four-month high after signs consumers may not be as downbeat as previously thought bolstered sentiment around the currency.
The Australian dollar jumped from around the US78.40¢ level to over US78.80¢ on Thursday and extended those gains into Friday’s session when it briefly traded over US79¢ before falling back to US78.78¢. It last traded over US80¢ in September.
The Aussie surged on Thursday following data that showed retail sales climbed 1.2 per cent in November, trouncing expectations for a 0.4 per cent increase.
The retail sales surge was led by gains in household goods and other retailing industries due to iPhone X sales and discounting sales events.
“The Aussie dollar benefited from of all things iPhone sales,” noted Stephen Innes, head of trading for APAC at OANDA.