Aussie Climbs To Fresh 2-year High Against Euro
22:18, 5th January 2010
(RTTNews) - The Australian dollar edged higher against most of its major rivals in early Asian trading on Wednesday after a report showed that the number of new dwelling units approved for construction in Australia increased in November. Against the European currency, the Aussie soared to a fresh 2-year high.
The Australian Bureau of Statistics reported today that dwelling unit approvals rose a seasonally adjusted 5.9 percent in November. The Bureau's Trend Estimate, which further smooths the seasonally adjusted data, rose 2.7 percent on month, the 10th straight month of increases.
In terms of value, total building approvals increased a seasonally adjusted 24.6 percent in November. The value of new residential construction increased 2.2 percent, while the value of non-residential building was up 52.8 percent, the Statistics Bureau reported.
On the equity front, the Australian stock markets slipped into negative territory after a positive start today, but edged higher subsequently thanks to modest support at lower levels. However, with investors treading cautiously amid mixed cues, the market is currently seen struggling a bit.
The benchmark S&P/ASX 200 index, which declined from a high of 4,939, is currently trading at 4,916, down 8.7 points over its previous close. The broader All Ordinaries index is down 3.9 points at 4,935.
The Australian dollar that closed Tuesday's North American deals at 0.9121 against the US dollar drifted higher to 0.9144 around 10:10 pm ET. The aussie-buck pair stabilized thereafter and is currently trading at 0.914.
The aussie also advanced to 84.08 against the Japanese yen before moving sideways around 10:10 pm ET. The aussie-yen pair, which closed yesterday's deals at 83.66, is presently quoted at 84.03.
The Australian dollar climbed to a 2-day high of 1.2478 against the New Zealand dollar by 9:00 pm ET and moving a few pips up may push the pair to its highest level in a week. The aussie-kiwi pair that closed Tuesday's New York trading at 1.2426 is presently quoted at 1.2456.
The aussie touched 1.5704 against the euro around 9:35 pm ET, the highest level since November 7, 2007. On the upside, the Australian dollar may find target around the 1.565 level. The euro-aussie pair that closed Tuesday's North American deals at 1.576 is presently quoted at 1.572.
From Euro-area, the euro-zone producer price index for November, industrial new orders for October and the final figures of December Services Purchasing Manger Index from the major euro-zone economies are expected in the upcoming session.
Turning to the U.S., the ADP National Employment report, which sheds light on non-farm private employment, is scheduled to be released at 8:15 AM ET. The private sector is expected to have lost 75,000 jobs in November.
The Institute of Supply Management is scheduled to release the results of its non-manufacturing survey at 10:00 am ET. The non-manufacturing index is likely to show a reading of 50.5 for December.
At 10:30 am ET, the Energy Information Administration is scheduled to release its weekly petroleum inventory report.
At 2:00 pm ET, the US Federal Open Market Committee is scheduled to release the minutes of its monetary policy meeting that held on December 15th.
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