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USD gains, AUD rallies after RBA holds rates

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The strong US session gains for the dollar continues into the Asian session today. Markets were pleased with the as-expected Services ISM. The non-manufacturing PMI was in-line with expectations, hitting 56.5 in March against expectations for 56.5.

USD/JPY rose to a high of 119.67 in New York and consolidated those gains in Asia.

The most notable moves were made by the Australian dollar. Two factors helped support the aussie, one being strong Australian retail sales and the other being that the Reserve Bank of Australia (RBA) kept interest rates unchanged at 2.25%. Most analysts expected rates to be kept the same so there was no major surprise and AUD continued higher. Retails sales numbers rose 0.7% from 0.5%, versus 0.4% expected.

AUD/USD rose to 0.7698 from 0.7594. Earlier in the session it fell to 0.7576.

With no major data from the European region and with most European traders out on Easter Monday holiday, EURUSD rose to 1.1034 yesterday but gave up all those gains after the US data and fell to 1.0908.

GBP/USD opened in Asia at 1.4875 and rose to 1.4907. UK services PMI come into focus later today as well as the FPC Meeting Minutes.

The post USD gains, AUD rallies after RBA holds rates appeared first on Forex Circles.

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