News Column

Australian Dollar Extends Slide After US Home Prices

June 24, 2014

CANBERA (Alliance News) - The Australian dollar continued its slide against most major currencies in New York deals on Tuesday, after data showed that US home prices rose-than-forecast in April.

The US home price index came in at 10.8% in April, the data released by S&P/Case-Shiller showed. The index was lower than forecasts for 11.5% rise, and was down from 12.4% growth recorded in March.

Another data released by Federal House Finance Agency showed that house price index was flat in April, following a 0.7% increase last month. Economists were expecting an increase of 0.5%.

The aussie dropped to 0.9386 against the greenback and 95.64 against the yen, off early highs of 0.9430 and 96.09,respectively.

The aussie which closed yesterday's deals at 1.4433 against the euro slipped to a 6-day low of 1.4506

The aussie fell back to 1.0072 against the loonie, heading to violate its early 3-week low.

The next possible support level for the aussie is seen around 0.93 against the greenback, 95.00 against the yen, 1.46 against the euro and 1.00 against the loonie.

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Source: Alliance News

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