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Aussie stands still, Kiwi moves higher

On Wednesday, the Australian dollar remained intact against its American counterpart, after the publication of dismal Australian housing sector data. Meanwhile, the New Zealand dollar leapt notwithstanding a gloomy report on business confidence.

The currency pair AUD/USD was little changed, showing 0.7480.

The Australian Bureau of Statistics earlier informed that in October building approvals sank 12.6%, thus ruining hopes for a 1.5% revenue.

In September, building approvals sank by 9.3%. The figure was revised from a previously assessed 8.7% drop.

The currency pair NZD/USD grew 0.22% to trade at 0.7144, which is the highest outcome since November 11.

Data also demonstrated that the ANZ business confidence index for New Zealand dropped to 20.5 this month from October’s reading of 24.5.

Meanwhile, the US dollar still remained backed by hopes that increased fiscal spending as well as tax cuts under the Trump administration will drive inflation and economic growth. 

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