Australian dollar boosted by encouraging economic data

THE Australian dollar has continued its rally on the back of positive retail sales and international trade figures.

On Friday morning, the dollar was trading at 93.48 US cents.

THE Australian dollar has continued its rally on the back of positive retail sales and international trade figures.

At 0700 AEST on Friday, the local currency was trading at 93.48 US cents, up from 93.32 cents on Thursday.

The currency got a boost on Thursday from the release of official figures showing retail sales rose for the second month in a row in July, and were up 5.9 per cent in the year to July. Meanwhile, Australia’s trade deficit fell for a second straight month, beating economists’ expectations.

“The Australian dollar extended its gains on the back of stronger trade numbers,” BK Asset Management managing director Kathy Lien said.

Investors would now await the release of US non-farm payrolls figures on Friday night, Australian time, Ms Lien said.

Originally published as Australian dollar boosted by encouraging economic data