The Aussie dollar is sharply higher after monthly retail sales data smashed expectations.
Australian retail sales in November rose by 1.2%, easily beating expectations of a 0.4% rise.
Currency traders responded by immediately driving the Aussie up to 0.7870 US cents from 0.7840 US cents.
There was a brief pullback, but a short time ago the Aussie was continuing to find buyers.
Here’s the price action on a five-minute chart, via Investing.com.
According to the ABS, the sharp rise in November retail sales was driven by the release of the iPhone X and promotions for Black Friday sales.
At current levels, the AUD is trading at a three-month high. It’s gained around 5% against the greenback in the last month, amid broader US dollar weakness over the Christmas and New Year period.
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