Australia’s trade deficit shrank by more than economists expected in November, according to data released by the country’s statistics bureau on Thursday (Wednesday evening EST). The deficit fell to A$1700 million, a greater drop than the consensus call for it to fall to A$1800 from the revised A$2080 shortfall in October. Released simultaneously, Australia’s retail sales rose 1.4% on the month in November, overarching both expectations for a 0.3% increase and the revised 0.4% rise the month before. Following the data, the Aussie dollar rallied by 50 pips to a new session high against the greenback of $0.9267USD, before falling back slightly. The new intraday high is AUD/USD’s strongest level since Dec. 4, when it touched $0.9294USD. Resistance lies up at $0.9323USD, attained on Dec. 3.
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