The Australian dollar gained today on better-than-expected macroeconomic data and as the Reserve Bank of Australia will retains it Governor for an extended term. The currency slipped versus the Japanese yen yesterday, but was flat today.
Seasonally adjusted building approvals jumped 3.1 percent in February after falling for two months. The median estimate was at 2.4 percent. Australian retail sales grew 1.3 percent in February on a seasonally adjusted basis, while only 0.3 percent growth was expected by analysts.
The news that the term of Glen Stevens as the RBA Governor is prolonged for three years was also positive for the Aussie as it promises stability and predictability of the monetary policy. Stevens should have step down in September otherwise.
AUD/USD was up from 1.0458 to 1.0472 and EUR/AUD fell from 1.2279 to 1.2261 as of 3:40 GMT today. AUD/JPY was at 97.32 today.
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