Forex: AUD/USD – Trading close to 0.97 barrier

on May 30, 2013
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Positive Australian data came in time to give the Aussie dollar a shot against the recently weakened greenback in the first few hours of the Sydney session.

Yesterday, data update on US mortgage applications came in disappointing with an 8.8 percent decline from the prior week, according to the weekly survey covering more than three-quarters of all U.S. residential-mortgage applications. Since then, this has slowed down the US dollar versus most of its counterparts.
The Australian data released at 2:30 BST showed a 27.3 percent growth in the number of permits for new construction projects (YoY) in April. Australian April building approvals came in at + 9.1 percent (MoM) against -5.5 percent the prior month, way above the +4 percent expectations.

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The pair took a pace to the area of 0.9690/97, after the Australian data was released, but it didn’t break the 0.9700 level. At the beginning of European trading, the price has settled around the 0.9664 level.
The daily trend is bullish but movements in the pair depend on today’s upcoming data from the USA. The focus falls on Annualized GDP (Q1), jobless claims and pending home sales. If the figures show an improvement, the US dollar could strengthen again.

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AUD Forex