The Australian dollar remained higher on Wednesday as commodity prices gained ground and on projections the Reserve Bank of Australia won’t reduce the cash rate again.
For the second time this year, the central bank cut the cash rate, but gave no hints it would impose another cut.
The Aussie traded at 70.98 euro cents from Tuesday’s 70.95 euro cents, and 79.45 US cents from 78.69 US cents.
The currency did not react to retail data since it was backed by “rising commodity prices and the RBA announcement,” said Robert Rennie, Chief Currency Strategist at Westpac.
Meanwhile, traders will focus on the Australian employment figures for April due Thursday.
The material has been provided by InstaForex Company – www.instaforex.com