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AUD/USD gain stronger-than expected Australian economic data

The AUD/USD drifted higher on Thursday in Asia with trade and retail sales among data sets ahead. The bulls continue to cheer a slew of stronger-than expected Australian economic data as the European session gets underway, although thin trades are expected as most major European markets are closed on account of a public holiday.

Earlier on the day, Australia’s March retail sales came in at 0.4% m/m vs. 0.3% expected and 0% last, while the trade balance printed -2,163M vs. -2,900M expected and -3,410M last. While the newly-built home sales surged 8.9% m/m in March, rising at the fastest pace in six years.

Overnight, the dollar remained broadly higher against the other major currencies on Wednesday, after the release of mostly positive U.S. data boosted optimism over the strength of the economy.

A solid recovery in the oil prices also supports the upbeat momentum in the resource-linked Aussie. Looking ahead, the US jobs data and Fed speak will be closely eyed ahead of the crucial US NFP report due tomorrow.

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