Australian Dollar Strengthens Amid Dollar Decline
The Australian Dollar (AUD) strengthened for the fourth straight session against the US Dollar (USD) on Tuesday (7/1). AUD/USD remained firm despite weaker-than-expected Building Permits for November
Permits for new construction projects in Australia fell 3.6% month-on-month to 14,998 units in November 2024, lower than market expectations for a 1.0% decline. The decline followed an upwardly revised 5.2% increase in October, marking the first decline in three months.
Australia’s monthly Consumer Price Index (CPI) for November, due on Wednesday, will be in focus. If the reading comes in below market expectations, it could trigger a possible interest rate cut by the Reserve Bank of Australia (RBA) at its February meeting, weighing on the AUD.
Officials from the People's Bank of China (PBoC), the National Development and Reform Commission (NDRC) and the Ministry of Finance (MoF) will hold a briefing on Wednesday to discuss the expansion of the consumer goods trade-in program.
Source: FXStreet