Aussie Rises Against Greenback On Upbeat Data

The Aussie dollar advanced against the greenback on Monday after the country’s building permits rose in July and China’s manufacturing PM...

Aussie Dollar
The Aussie dollar advanced against the greenback on Monday after the country’s building permits rose in July and China’s manufacturing PMI showed another month of growth.

The Australian dollar advanced 0.74% to $0.8965 as of 5:22am GMT, while it rose 0.77% to $1.4726 against the euro at the same time. Meanwhile, reports from the Australia Bureau of Statistics (ABS) showed that the Australian approvals for construction added 10.8% in July and grew 28.3% compared to last year. In June, the construction approvals declined 6.9%.



Another data released on Monday showed a slight growth in houses prices in Australia by 0.5% in August, picking up from previous month’s loss of 1.6%.

The Reserve Bank of Australia (RBA) cut its lending-rate to 2.5% on August 6, to boost the growth in the non-mining sector of the country’s economy.

Minutes released from the August 6 meeting stated that "a number of indicators were pointing to a further recovery in dwelling investment, consistent with the low level of interest rates," adding that "loan approvals were at their highest level in over three years."

The minutes released from the meeting did not indicate whether the bank would cut its interest rates further but did state a possibility.

China’s positive manufacturing data showed a growth for the first time in four months, as the aussie dollar was driven by the Chinese positive manufacturing PMI data.

On Monday, HSBC’s Purchasing Managers Index final reading showed that the manufacturing sector rose to 50.1, as the world’s second biggest economy grew in the manufacturing sector in line with HSBC’s initial reading.

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Australia Forex Brokers: Aussie Rises Against Greenback On Upbeat Data
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