The Australian dollar shot up following the Easter Bank holiday, the main driver being the Reserve Bank of Australia’s surprise decision to leave interest rates on hold. The Australian dollar was also boosted by strong retail sales, rising by 0.7% in March compared to February; this was way above expectations of a 0.4% increase, and very positive for the Australian economy, as general spending has increased.
There was a much less exciting start for the Southern hemisphere’s other major dollar currency, the New Zealand dollar, as it remained almost unchanged against its US counterpart. This was partly thanks to the weak US jobs report realised on Friday.
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