Better Australian Building Data Strenghtens AUD/USD
The Australian dollar gained strength against the United States dollar when traded on Wednesday, following the better than expected Australian building data for the month of February, even as everyone eyes the economic data from the United states.
Against the US dollar the Australian dollar rose up to a session height of $0.7664 and ended at 0.37 percent up to $0.7634. It was between March 12th low value of $0.7570 and March 30th high value of $0.7761.
Statistics Australia reported in the data published that building approvals reduced to 3.2 percent in the month of February, better than the expected 4.0 percent reduction rate. Its corresponding value in the month of January was adjusted to an increased rate of 5.9 percent which differed from the 7.9 percent that was calculated.
The Upbeat Chinese manufacturing data has positively affected Australia since China is the largest partner of Australian when it comes to export. Published report has it that the PMI manufacturing of China increased from 49.9 to 50.1 in the month of March. More than the expected 49.7 decline.
The United States payroll report for the non farm sector is eagerly expected by Friday. The Australian dollar remained still against the Euro with at 1.4120.