The Australian dollar edged up sharply against major currencies after the release of AiG Performance of Sales Index during early Asian trading on Friday. At present, the Aussie is trading near new multi-month highs of 72.22 against the yen, 1.8666 versus the euro and 0.7227 against the US dollar. Against the loonie, the Aussie also showed strength and currently worth 0.8929.

Services sector activity remained weak in March, the latest Australian Industry Group - Commonwealth Bank Performance of Services Index revealed on Friday. The seasonally adjusted Australian PSI rose by 3.4 points to 35.6 in March, still well below the 50.0 points level separating expansion from contraction.

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