Australian Dollar Gains, Lifted by Positive Data

The Australian dollar gained today, reaching new multi-year highs against a number of currencies, as economic reports released from Australia during the current trading session were relatively good.

The Westpac Melbourne Institute Index of Consumer Sentiment logged a solid gain of 2.3% in February from the preceding month. The report was not entirely positive, though, as Westpac’s Senior Economist, Matthew Hassan, commented:

Despite another modest lift this month consumer sentiment remains below its October-November levels. At just below 100 the Index is in slightly pessimistic territory with consumers reporting family finances under pressure and a mixed outlook for the economy.

Meanwhile, the Australian Bureau of Statistics reported that seasonally adjusted new motor vehicle sales rose by 0.6% in January from December.

AUD/USD gained from 0.7662 to 0.7670 as of 13:18 GMT today, reaching the high of 0.7687 intraday. AUD/JPY rose from 87.54 to 87.80, trading near the highest level since December 2015.

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