Housing Data & Asian Stocks Rescue AUD & NZD

The currencies of Australia and New Zealand pared their previous losses today as the positive housing data and the advance of Asian stocks returned appeal to AUD and NZD.
The House Price Index of Real Estate Institute of New Zealand rose 1.7 percent to 5,235 in September, the highest level since November 2009, from 5,192 August. The Australian Bureau of Statistics reported the home loans increased 1.2 percent from July to August, following the advance by 1.9 percent from June to July. The MSCI Asia Pacific Index of stocks advanced 0.5 percent, following the decline by 1.3 percent. The improving prospect for resolution of Europe’s problems also contributed to the rally of the higher-yielding currencies.
AUD/USD jumped from 0.9951 to 1.013 as of 12:05 GMT today, following the drop to 0.9865. NZD/USD rallied from 0.7796 to 0.7926.

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