The Australian dollar rallied today, getting a boost from favorable domestic macroeconomic data as well as from speculations that the Federal Reserve will postpone monetary tightening.
The seasonally adjusted Australian Industry Group/Housing Industry Association Australian Performance of Construction Index rose by 6.2 to 50.1 in March. This means that the Australian construction sector returned to growth, albeit a slow one. Meanwhile, traders continue to speculate about possible timing of an interest rate lift-off from the Federal Reserve, and such speculations pushed the US dollar down against some currencies, including the Aussie.
AUD/USD rose from 0.7683 to 0.7726 as of 12:14 GMT today. EUR/AUD dropped from 1.4025 to 1.3942.
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