Monday, July 30, 2007

Aussie Rises Against Major Counterparts, Monday, July 30, 2007 6:15:48 PM

The aussie saw strength against the majors on Monday in New York. The currency slipped in early trading but rebounded in the later morning and then climbed in the afternoon. The aussie moved as Australia reported on Business Confidence for September and New Home Sales for June.

The Australian dollar moved higher against the greenback on Monday in New York. The aussie was choppy in the morning, touching as low as 0.8460 at around 8 a.m. ET. It moved higher from there for the rest of the morning and continued to rise throughout the afternoon. The currencies traded at 0.8578 at 6 p.m. ET.

The aussie gained in late-afternoon trading with the euro on Monday in New York after uncertain trading throughout the day. The currencies bounced between 1.6155 and 1.5985 through the morning and most of the afternoon until the aussie broke above the range in the late afternoon. The currencies traded at 1.5950 at 6 p.m. ET. The rally took the aussie away from a seven-week low.

The aussie was up in trading against the sterling on Monday in New York. The Australian dollar edged lower in the early morning and touched as low as 2.3918 at 8 a.m. ET. It rebounded with a rally about an hour later and then climbed higher in the afternoon. The currencies traded at 2.3586 at 6:10 p.m. ET.

Australian business confidence indicator gained 2 points to 12 points in the September quarter. This is the highest confidence level since December 2003. The indicator suggested an improvement in business performance in the coming months. Meanwhile, new home sales among Australia`s largest builders and developers dropped 0.8% in June. New home sales fell to a level of 8,321 dwellings in June.
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