The AUD/USD pair trades around 0.7730 heading into the US close, marginally higher daily basis amid a weaker greenback. Still, the latter has pulled back modestly from its monthly highs, and it’s unclear whether it could fall further. As it has been happening lately, it would depend on whether US Treasury yields extend their gains or not.
Australia published the March Westpac Consumer Confidence index, which printed at 2.6%, beating the expected 1.8%. Reserve Bank of Australia Governor Philip Lowe participated in a business summit but repeated well-known ideas. Among other things, he said that rates would remain low as long as wages remain depressed, regardless of the economy doing better than expected. On Thursday, Australia will publish Mach Consumer Inflation Expectations, foreseen at 3.5% from 3.7% in the previous month.
The Australian and New Zealand dollars clung to gains on Thursday after a tame reading on U.S. inflation provided a reprieve to risk appetite, while data on local housing markets stunned with its strength.
The Aussie was holding at $0.7725, having survived multiple tests of support around $0.7620/25 this week. Resistance lies at $0.7745, followed by a gap to $0.7810.
Their U.S. counterpart was undermined by a soft reading on core U.S. inflation which saw Treasury yields ease back and calmed jitters in risk assets.
For Australia, the prices that matter right now are for houses, and they are decidedly not soft.
In Australia, house prices in Sydney passed their previous all-time high this week having risen 5.7% since October, according to data from property consultant CoreLogic.
Yet Reserve Bank of Australia (RBA) Governor Philip Lowe on Wednesday made it clear rates were unlikely to rise until 2024 at the earliest, and housing was better controlled through macro-prudential measures.
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