The Australian dollar followed its New Zealand counterpart in a rally during the current trading session even though fundamentals were not as supportive for the Aussie.
The Australian Bureau of Statistics reported:
The seasonally adjusted estimate for total construction work done fell 2.6% to $47,928.8m in the March quarter.
The drop was almost two times the one forecast by analysts. Yet the Aussie did not buckle under the pressure from the poor data and rose, most likely for the same reason as the kiwi — the rally of crude oil.
AUD/USD rose from 0.7182 to 0.7199 as of 18:34 GMT today, and its daily high was at 0.7218. AUD/JPY edged up from 78.99 to 79.30.
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