The bid tone around the Australian dollar strengthened, pushing the AUD/USD to a session high of 0.7088 after Australian retail sales beat estimates by a big margin.
The consumer spending, as represented by retail sales, increased 0.8 percent month-on-month in February, as opposed to an expected 0.2 percent rise following a 0.1 percent rise in January.
Meanwhile, Australia's trade surplus or the gap between exports and imports widened to AUD 4,801 million in February from the preceding month's AUD 4,549 million, beating the consensus estimate of AUD 3,800 million.
Exports growth stalled following a 5 percent rise in January, while imports dropped 1 percent following a 3 percent rise in the previous month.
Source : FXstreet