The Australian dollar rose sharply today. Analysts explained the rally by a better-than-expected retail sales report.
The Australian Bureau of Statistics reported that retail sales increased 0.4% in April from March. That is compared to the predicted increase of 0.3% and the no-change reading registered in March.
This week will be eventful for the Aussie, with the Reserve Bank of Australia policy meeting and several important macroeconomic reports.
AUD/USD climbed from 0.7559 to 0.7656 as of 12:46 GMT today, trading near the highest level since April 23. EUR/AUD slumped from 1.5404 to 1.5308, near the lowest since January 30.
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