Australian Dollar appreciates despite weaker Building Permits for November 2024
The post Australian Dollar appreciates despite weaker Building Permits for November 2024 appeared on BitcoinEthereumNews.com.
The Australian Dollar remains strong following the Building Permits data release on Tuesday. Australia’s seasonally adjusted estimate for total dwellings approved decreased by 3.6% month-on-month to 14,998 units in November 2024. The US Dollar Index edges closer to 108.50 after two days of losses. The Australian Dollar (AUD) gains ground for the fourth consecutive session against the US Dollar (USD) on Tuesday. The AUD/USD remains stronger despite weaker-than-expected Building Permits for November. The permits for new construction projects in Australia dropped by 3.6% month-on-month to 14,998 units in November 2024, falling short of market expectations for a 1.0% decline. This downturn followed an upwardly revised 5.2% increase in October, marking the first decrease in three months. Australia’s Monthly Consumer Price Index (CPI) for November, scheduled for Wednesday, will be in the spotlight. If the reading comes in below market expectations, this could trigger the chance of a rate cut by the Reserve Bank of Australia (RBA) at its February meeting, weighing on the AUD. Australian Dollar rises despite a hawkish shift in Fed’s policy outlook The US Dollar Index (DXY), which measures the US Dollar’s (USD) performance against six major currencies, edges higher to near 108.50 at the time of writing. The US ISM Manufacturing PMI improved to 49.3 in December, from 48.4 in November. This reading came in better than the market expectation of 48.4. Richmond Fed President Thomas Barkin highlighted on Friday that the benchmark policy rate should remain restrictive until there is greater confidence that inflation is on track to return to the 2% target. Fed Governor Adriana Kugler and San Francisco Fed President Mary Daly underscored the challenging balancing act facing US central bankers as they aim to slow the pace of monetary easing this year. Traders are cautious regarding President-elect Trump’s economic policies, fearing that…
Filed under: News - @ January 7, 2025 2:27 am