The Australian dollar was strong today despite underwhelming domestic macroeconomic data.
The Australian Bureau of Statistics reported that the seasonally adjusted number of building approvals dropped by 9.7% in July from the previous month after falling 0.8% in June. Markets were counting on a zero change.
The Reserve Bank of Australia reported that private sector credit rose by 0.2% in July after increasing by 0.1% in June. The actual value matched market expectations.
AUD/USD was little changed at 0.6730 as of 16:28 GMT today, rebounding from the session minimum of 0.6706. EUR/AUD tumbled from 1.6431 to 1.6329.
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