Forex: AUD/USD: HIA New Home Sales up 7.5% in Australia

on Jan 10, 2014
Updated: Oct 21, 2019
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_iNVEZZ.com: Friday, January 10th:_ In today’s Asian session the Australian Housing Industry Association (HIA) released its New Home Sales report, which showed a 7.5 percent increase in November from October – the largest rise since January 2010. The increase was driven by a 30.5 percent jump in apartment sales. House sales rose by 3.6 percent. In the previous month, overall sales fell by 3.8 percent.

Compared to November 2012 sales increased by 29 percent to over 80,000. Sales of apartments were up 31 percent to nearly 11,000, while detached homes were up 31 percent to 69,623 in the year to November.
HIA chief economist Harley Dale says that in the quarter to November, the volume of detached home sales rose in all surveyed states, while the bearish trend in sales of apartments had reversed. He adds that “the upward momentum evident in new home sales since the closing stages of 2012 continued late last year that is a good sign for residential construction activity in 2014”.

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Following this release the AUD/USD lost 0.20 percent falling to 0.8874, but then rebounded by 0.35 percent to an intraday high of 0.8909 after Customs General Administration of China reported on the December Trade Balance. Australia’s biggest trading counterpart, logged a fall in the trading surplus to $25.6 billion. Analysts had expected a decrease to $31.15 billion from the prior $33.8 billion surplus. Exports y/y were up 4.3 percent, while Imports y/y increased by 8.3 percent.

In the United States the Bureau of Labor Statistics will issue some key reports at 13.30 UTC today. The first is on the Change in Non-Farm Payrolls (NFP) for December. Analysts expect a drop to 196,000 from the prior 203,000. Since late 2010 this indicator has posted only positive numbers and also the past four figures have either been above or on the three-month average which highlights an increase in momentum for job creation.

The second report is the US Unemployment Rate for December. Analysts forecast no change from the prior level of seven percent.
The third release is the Average Hourly Earnings m/m for December with analysts expecting a 0.2 percent increase.
At the moment the AUD/USD is trading at 0.8898.
Resistances today: 0.8910, 0.8935 and 0.8965.
Supports: 0.8885, 0.8860 and 0.8845.

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