Australia dollar finally cracks resistance with help from robust data

It was enough to lift the Aussie 0.5% to $0.7135 and finally crack resistance at $0.7126 after four straight days of trying. That brought gains for the week to 1.2% and put some distance between the currency and its recent two-year trough of $0.6829.

SYDNEY: The Australian dollar pushed to three-week highs on Friday as a solid report on retail sales showed consumers holding up well to surging inflation, setting the scene for further increases in interest rates.

It was enough to lift the Aussie 0.5% to $0.7135 and finally crack resistance at $0.7126 after four straight days of trying. That brought gains for the week to 1.2% and put some distance between the currency and its recent two-year trough of $0.6829.