(RTTNews) - The Australian dollar that declined in early Asian deals on Wednesday reversed direction shortly on upbeat Australian home loans data and has been extending its recovery in early European deals.
The aussie thus recovered from near a 4-month low against the Canadian dollar and new multi-week lows against the greenback, yen, euro and the NZ dollar. While noting that the Australian dollar has moved off slightly from its recent lows, Westpac analysts said the AUD still remains fragile.
As of now, the aussie is worth 0.9910 against the US dollar, 1.3130 per euro, 0.9793 against the Canadian dollar, 82.35 against the yen and 1.3030 against the NZ dollar.
Housing finance commitments for owner-occupied housing rose 2.5% month-on-month in November to a little over 50,500, the Australian Bureau of Statistics said earlier in the day. Economists had forecast a 1% drop after the 2.2% rise in October.
