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11 Feb 2014
AUD/USD surges to four-week high, dollar subdued ahead of Yellen
FXStreet (London) - AUD/USD rallied to a four-week high on stronger-than-expected house price numbers as well as an improved business confidence survey.
Strong house price data
Seasonally-adjusted figures from the Australian Bureau of Statistics showed that house prices in Australia jumped by 9.3 percent in the fourth quarter of 2013 quarter-on-quarter, the biggest increase in more than three years.
Australian business confidence up
In addition, the business confidence index released by the National Australia Bank rose from +6 to +8 wile its business conditions index rose from +3 to +4.
Dollar subdued ahead of Yellen
With Janet Yellen set to make her first testimony before Congress as Fed chair this afternoon, USD is likely to remain subdued in anticipation of a cautious stance towards the US recovery in light of recent disappointing jobs data
AUD/USD is currently trading at USD0.9035 – a four-week high - up 1.04 percent and in strong bullish territory.
Strong house price data
Seasonally-adjusted figures from the Australian Bureau of Statistics showed that house prices in Australia jumped by 9.3 percent in the fourth quarter of 2013 quarter-on-quarter, the biggest increase in more than three years.
Australian business confidence up
In addition, the business confidence index released by the National Australia Bank rose from +6 to +8 wile its business conditions index rose from +3 to +4.
Dollar subdued ahead of Yellen
With Janet Yellen set to make her first testimony before Congress as Fed chair this afternoon, USD is likely to remain subdued in anticipation of a cautious stance towards the US recovery in light of recent disappointing jobs data
AUD/USD is currently trading at USD0.9035 – a four-week high - up 1.04 percent and in strong bullish territory.