Australian Dollar Continues Climb Higher

The Australian dollar extended its rally today, rising against the euro for the seventh consecutive trading session. It is hard to explain the resilience of the currency considering that fundamentals were not particularly supportive for the Aussie.
Australian home loans rose at the rate of 1.2% in June from May, two times slower than economists had anticipated. On the positive note, the Westpac Melbourne Institute Index of Consumer Sentiment advanced 2.0% in August from July. Mixed economic data and prospects for additional monetary easing make the rally of the Australian currency a bit puzzling.
AUD/USD went up from 78.14 to 78.27 as of 11:34 GMT today after dipping to 77.84 intraday. EUR/AUD dropped from 1.4484 to 1.4458.

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