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AUD/USD rises near 0.6980 as US data weakens the dollar

Australian Housing Starts increased to an annualized 1.43 million in June, but US Building Permits fell and Industrial Production rose just 0.1% month over month.

Reported · Written up by our desk · Major Pairs

AUD/USD moved higher on Friday, trading near 0.6980 after an initial decline, as the US dollar gave back ground following mixed US economic data, FXStreet reported. The US calendar showed Housing Starts rising to an annualized 1.43 million in June, above expectations, while Building Permits fell to 1.37 million month over month, down 3.0% on an annual basis. Industrial Production increased only 0.1% month over month, missing the 0.2% forecast. Consumer sentiment also supported the upside, with the preliminary University of Michigan Consumer Sentiment Index improving to 54.4 in July from 49.5, and Consumer Expectations rising to 54.0 from 50.7, according to FXStreet. Fed Bank of Cleveland President Beth Hammack reiterated a cautious view, saying inflation remains broad-based and persistently elevated. FXStreet also cited technical levels around the pair, noting AUD/USD was positioned between the 20-period simple moving average near 0.6988 and the 100-period simple moving average near 0.6934, with near-term bias described as neutral.

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