February retail sales and trade balance surpassed expectations. Will the growth of AUD/USD continue?
The Reserve Bank of Australia left an interest rate of 1.5% at the April 3 meeting. Australia's recent economic data was higher than expected: retail sales growth accelerated in February to 0.6% after rising 0.5% in January. The trade balance fell in February, but it was less than expected. The activity index in the construction sector (AIG) was 57.2 points in March, compared to 56.0 in February. Positive data is a bullish factor for AUD/USD. At the same time, consumer confidence in Australia declined to 102, 4, from 103.0 a month earlier. It is also expected that in the report, which will be published on April 19, the unemployment rate in March will rise to 5.6% from 5.5% in the previous month. The above factors could lead to a depreciation of the Australian dollar.