AUD Rebounds vs. USD, Shrugging Off Poor Fundamentals

The Australian dollar had been weak against its US peer intraday but has bounced as of now. The currency even managed to gain on the Japanese yen even though domestic fundamentals were not supportive to the Aussie at all.
The Housing Industry Association reported that the number of new home sales declined 4.7% in April. According the report from Australian Bureau of Statistics, company gross operating profit also fell by 4.7% in the March quarter from the previous three months even though economists had promised an increase. Yet despite all the negative news, the Australian currency showed a surprising resilience, regaining ground against the greenback and moving higher versus the very soft Japanese yen.
AUD/USD was down from 0.7177 to 0.7150 intraday but rebounded to trade near the opening level as of 10:57 GMT today. AUD/JPY climbed from 79.24 to 79.79.

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