THE Australian dollar rose today on better-than-expected February trade data but failed to sustain gains as traders wait for central bank meetings.
The Bank of Japan and the European Central Bank hold policy meetings in the coming days, U.S. Federal Reserve chairman Ben Bernanke and a number of Fed presidents are scheduled to speak and US March employment data is out on Friday.
"With several key events due for the remainder of the week on the global economic calendar traders are reluctant to make any pre-emptive moves higher," CMC Markets currency strategist Tim Waterer said.
Australia's trade deficit narrowed to $178 million in February compared with a deficit of $1.2 billion in January, the Australian Bureau of Statistics said. Economists expected a deficit of $1 billion.
This pushed the Australian dollar to its day's high of $US1.0469c. In late afternoon trading the Aussie was buying $US1.0457 compared with $US1.0461 late yesterday.
