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The Australian dollar rose despite escalating anticipations the Reserve Bank of Australia’s interest rate cutting cycle was well and over.
On Thursday, the Aussie traded at 93.52 US cents, up from Wednesday’s 93.04 US cents. The currency climbed 93.65 US cents during the morning, its highest since Friday.
It was not affected after releasing retail trade figures Thursday morning, showing a 0.4% increase in spending in July. Also, the Australian economy accrued 0.5% in the 2nd quarter.
"The upside surprise ensures that the Reserve Bank of Australia will leave interest rates unchanged for the rest of the year." said Kathy Lien, Managing Director at K Asset Management.
