The Australian Dollar strengthened against the US, following strong Australia’s property market data. The AUD/USD exchange rate added 0.10% or 8 base points to reach the intraday high of 0.7865.
Approvals to construct new houses in Australia rose to the strongest level in 15 months in November, with more apartment towers getting permission, a surprising return to strength, which is likely to drive hiring and activity within the economy. The Australian Statistics Bureau revealed that building approvals increased 11.7% in November, confounding expectations for a 0.1% decrease. Prior gains were suppressed by higher interest rates, though this time muted inflation growth allowed the RBA to keep rates unchanged for 17 months.
