New Day, New Record for Aussie

The Australian dollar posted yet another all-time record versus its US counterpart before retreating. The gains was spurred the growing retail sales, but the unexpected drop of building approvals restrained the currency.

The Australian retail sails rose 0.5 percent in February, following the rise of 0.4 percent in January. The rate of growth was expected to remain unchanged at 0.4 percent. The number of building approvals fell 7.4 percent in February following the fall of 11.6 percent in the previous month. This reading shows the analysts was to optimistic, expecting a growth by 4.2 percent.

The global economy remains supportive for the Australian currency. The reports this week are expected to show that the unemployment in the US and Germany declined. The Standard & Poor’s 500 Index gained 0.7 percent and the MSCI Asia Pacific Index of shares went up 0.3 percent yesterday.

AUD/USD traded at 1.0321 as of 4:16 GMT today after it rose earlier from 1.0326 to the record high of 1.0347. EUR/AUD went up from 1.3674 to 1.3695, while AUD/JPY traded at 85.28 following the rise from 85.59 to 85.99.

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