Australian Dollar Gains Following Retail Sales & RBA Statement

The Australian dollar rose against its most traded rivals today following the release of retail sales data and the Monetary Policy Statement from the Reserve Bank of Australia.

Australian retail sales rose 0.3% in June from the previous month, above the consensus forecast of 0.2%. The indicator provided a positive surprise for the third month in a row. Meanwhile, the RBA was fairly optimistic in its Statement, saying:

Domestic economic data have been mostly positive in recent months, and consistent with the central forecasts for inflation and the unemployment rate. GDP growth looks to have recovered in the June quarter, following a March quarter outcome that was weaker than expected, partly because of bad weather and other temporary factors.

AUD/USD gained from 0.7947 to 0.7975 as of 9:59 GMT today. EUR/AUD declined from 1.4926 to 1.4897 after rising to the daily high of 1.4964.

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