The Australian dollar managed to maintain yesterday’s gains and even accelerated its move to the upside today even though macroeconomic reports released in Australia during the current trading session were rather disappointing.
The Australian Bureau of Statistics reported that the House Price Index fell 0.2% in the September quarter from the previous three months, while analysts had expected an increase by 0.6%. The business confidence reported by National Australia Bank fell from +9 to +6 in November, while the business conditions dropped to +12 following the previous month’s sharp rise to +21. The negative data did not affect the Australian dollar, though, which was strong today like other commodity currencies.
AUD/USD rallied from 0.7525 to 0.7566 as of 9:55 GMT today. EUR/AUD declined from 1.5632 to 1.5575.
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