Aussie Fails to Rally Despite Help from Australian HPI

The Australian dollar attempted to rally on the back of positive domestic housing data but failed. The currency dropped versus the US dollar and slumped 1 percent against the Japanese yen.
Australia’s House Price Index rose 4.7 percent in June quarter from the previous three months. The increase was far bigger than the predicted 2.5 percent. Yet the data provided little help to the Aussie, being overshadowed by the slump of commodity prices and speculations that the Federal Reserve is going to tighten its monetary policy after all.
AUD/USD dropped from 0.7130 to 0.7089 as of 12:15 GMT today. AUD/JPY tumbled from 85.93 to 85.01.

If you have any questions, comments or opinions regarding the Australian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *