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19 May 2015
AUD/USD drops to 1-week low after US housing starts
FXStreet (Córdoba) - AUD/USD lost nearly 50 pips in a matter of minutes and hit a 1-week low as the dollar strengthened across the board on the back of a strong jump in US housing starts.
US housing starts soared 20.2% in April to 7-year high annual rate of 1.135 million, beating expectations of 1.019 million. Meanwhile, building permits, a gauge of future demand, rose by 10.1% in April to 1.143 million, the most since mid-2008.
AUD/USD broke below the 0.7950 zone and fell to its lowest level since May 12 at 0.7923 in recent dealings. At time of writing, the pair is trading at 0.7935, recording a 0.65% loss on the day.
The Australian dollar has also been facing pressure from dovish RBA minutes and lower copper and iron-ore prices. AUD/USD is falling for fourth day in a row, pulling back from a 4-month high of 0.8162 scored last week.
US housing starts soared 20.2% in April to 7-year high annual rate of 1.135 million, beating expectations of 1.019 million. Meanwhile, building permits, a gauge of future demand, rose by 10.1% in April to 1.143 million, the most since mid-2008.
AUD/USD broke below the 0.7950 zone and fell to its lowest level since May 12 at 0.7923 in recent dealings. At time of writing, the pair is trading at 0.7935, recording a 0.65% loss on the day.
The Australian dollar has also been facing pressure from dovish RBA minutes and lower copper and iron-ore prices. AUD/USD is falling for fourth day in a row, pulling back from a 4-month high of 0.8162 scored last week.