AUD/USD Rises as Building Permits Surge

The Australian dollar rose against its US counterpart today, supported by very good housing data. The Aussie was flat against the Japanese yen.

Australian building approvals surged 14.4 percent in September after falling 1.6 percent in the preceding month. The actual reading was high above the forecast of 2.9 percent. Such data suggests that an interest rate cut from the Reserve Bank of Australia is not required for aiding economic growth.

AUD/USD rose from 0.9481 to 0.9505 as of 11:57 GMT today. AUD/JPY was flat at 93.39.

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