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Forex - Australian dollar jumps on RBA housing views

Published 09/15/2014, 09:59 PM
Updated 09/15/2014, 10:01 PM
Australian dollar higher

Investing.com - The Australian dollar jumped on Tuesday after the Reserve Bank of Australia minutes for September suggested rapid house price gains are a prime focus for policy.

AUD/USD traded at 0.9047, up 0.21%, while USD/JPY strengthened to 106.99, down 0.17%.

Bank of Japan Governor Haruhiko Kuroda is due to speak to business leaders in Osaka and hold a news conference from 1645 to 1715 (0745 to 0815 GMT). Overnight, the dollar traded mixed to higher against most major currencies, supported by expectations for an upbeat Federal Reserve policy statement due out this week.

The Federal Reserve will announce its latest statement on monetary policy this Wednesday, and expectations for the U.S. central bank to cut its monthly bond-buying program to $15 billion from $25 billion gave the dollar support on Monday as did expectations for an upbeat take on the U.S. economy.

Investors were also hoping to see a timetable as to when U.S. interest rates may rise, though a mixed bag of U.S. data trimmed the greenback's gains.

In a report, the Federal Reserve Bank of New York said that its general business conditions index increased to a five-year high of 27.5 this month from 14.7 in August. Analysts had expected the index to rise to 16.0 in September.

A separate report showed that U.S. industrial production fell 0.1% last month, disappointing forecasts for a 0.3% gain. Industrial production for July was revised down to a gain of 0.2% from a previously reported increase of 0.4%.

The US Dollar Index which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.10% to 84.28.

On Tuesday, the U.S. is to produce data on producer price inflation.

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