The Australian dollar erased the losses versus its US counterpart and gained against the euro after the report showed that the number of home loans in Australia rose in June, giving another evidence that Australia’s economy is growing.
The number of dwelling finance commitments rose 1.3 percent (seasonally adjusted) in June from May. The figure was below expectations of 2.1 percent, but better than the May reading that showed the drop by 0.9 percent. Analysts think that the global fundamentals may yet affect the Aussie negatively, but for now the currency is supported by the good domestic data.
AUD/USD traded at about 1.0565 as of 14:19 GMT today, following the earlier drop from 1.0556 to 1.0529. EUR/AUD was down from 1.1739 to 1.1680.
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