Australian dollar update - 12/11/2012

[John from Moneycorp]

The Australian dollar had a good run, strengthening by two cents against the pound. The Aussie's big break came when the Reserve Bank of Australia failed to lower its Cash Rate benchmark at Tuesday's board meeting. A cut from 3.25% to 3% had been widely expected so the no-change decision sent the dollar higher.

 

The Australian ecostats were also helpful. Retail sales rose by more than expected while the trade deficit and the rate of unemployment both came in below forecast.