$A hits five-month low as hopes of rate cut fade

The Australian dollar hit a five-month low as more robust economic data out of the US cast further doubt on whether the Federal Reserve can embark on interest rate cuts any time soon.

The US dollar flew higher after March retail sales figures, released overnight, were almost double what economists had been expecting, rising 0.7 per cent. February’s data was also revised higher to 0.9 per cent, underscoring the resilience of the US consumer and a surprisingly robust economy.