The Australian dollar dipped briefly at 11.30am AEST on worse-than-expected home building approvals figures for July.

Home building approvals rose one per cent to 12,227 units in July, seasonally adjusted, below economist forecasts of a two per cent rise in approvals in the month.

From that low of 106.55 US cents, it has rallied straight back and more, which is showing traders are happy to buy the dips, Mr Weston said.

Meanwhile, the Australian bond market was weaker.

At 12.30pm AEST, the September 10-year bond futures contract was trading at 95.565 (implying a yield of 4.435 per cent), down from 95.580 (implying a yield of 4.420 per cent) on Monday.

The September three-year bond futures contract was at 96.110 (3.890 per cent), down from 96.130 (3.870 per cent).
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Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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