The Australian currency was choppy against its American counterpart on Wednesday. By the afternoon, the aussie had bounced between a high of 0.8205 and a low of 0.8124 against the buck. The pair traded ahead of the US` announcement tomorrow regarding CPI data as well as jobless claims.
In trading against the pound on Wednesday, the Australian currency saw little direction into the afternoon action. The aussie kept in a range between a high of 2.4523 and a low of 2.4771 as trading progressed. The pair traded as the U.K. reported house prices in England and Wales recorded a monthly growth of 0.1% in July. This was the lowest growth rate since June 2006. Average house prices amounted to 181,460 pounds in July.
The Australian currency moved little against its European counterpart on Wednesday. By the mid afternoon, the Australian dollar had bounced between a high of 1.6602 and a low of 1.6829. On the whole, the Australian currency remains within the range of the past month against its European counterpart.
The Australian currency rose steadily against its Japanese counterpart in trading on Wednesday afternoon. The aussie climbed to a mark of 94.64 as action moved past 3:30 PM EST. Traders moved ahead of Japanese data due out later in the day regarding Retail Trade and Sales for July.
New home sales in Australia showed a 1.5% growth in July, after recording a fall of 0.8% in June. The sale of new homes and units totaled 8,441 in July. The report said sales for volatile multi-units sector increased 13.5%, while sales of detached houses dropped 0.1%.
Clifford Bennett, chief economist at St. Helens Investors, told Bloomberg that, “The yen carry trade is over.” He stated, “There might be occasional bounces but the Australian and New Zealand dollars will continue to fall against the yen.”
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