The Australian dollar rose today as positive macroeconomic data added to the bullish momentum that the currency was demonstrating this month. The Aussie advanced against the majority of its most-traded peers and reached the highest level in four weeks versus the US dollar.
The Business Confidence Index of National Australia Bank rose from 6 in December to 8 in January. The report commented that there are “more encouraging results”. The House Price Index rose 3.4 percent in the fourth quarter of 2013. The increase was bigger than the third quarter’s 1.9 percent and the forecast 3.2 percent.
The Australian dollar started demonstrating bullishness last week after the Reserve Bank of Australia changed its stance from dovish to neutral. The most important event this week should be the employment data, which is expected to be positive and provide additional support the Australian currency.
AUD/USD advanced from 0.8948 to 0.9007 as of 4:35 GMT today, trading near the highest level since January 14. EUR/AUD dropped from 1.5244 to 1.5171. AUD/JPY was up from 91.50 to 92.02 and traded near the strongest rate since January 23.
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