Investing.com – The Australian dollar soared to a fresh 2-year high against its U.S. counterpart on Monday, after industry data showed that U.S. builder confidence in the market for newly built homes remained unchanged in September.
AUD/USD hit 0.9494 during European afternoon trade, the pair's highest since July 30, 2008; the pair subsequently consolidated at 0.9490, jumping 1.35%.
The pair was likely to find support at 0.9350, last Friday's low and resistance at 0.9635, the high of July 24, 2008.
Earlier Monday, data showed that the U.S. National Association of Home Builders/Wells Fargo Housing Market Index remained at 13 in September, staying at its lowest level since March 2009.
Analysts had expected the NAHB housing market index to rise to 14 in September. A level above 50 on the index indicates a favorable outlook on home sales, below indicates a negative outlook.
Commenting on the report, NAHB chief economist David Crowe said, "The stall in the nation's housing market continues."
The Aussie was also up against the euro, with EUR/AUD tumbling 0.98% to hit 1.3801.
Also Monday, Australian central bank governor Glenn Stevens indicated that the bank may increase interest rates further this year, in an effort to cool the rapidly growing Australian economy, in the midst of a mining and energy boom.
AUD/USD hit 0.9494 during European afternoon trade, the pair's highest since July 30, 2008; the pair subsequently consolidated at 0.9490, jumping 1.35%.
The pair was likely to find support at 0.9350, last Friday's low and resistance at 0.9635, the high of July 24, 2008.
Earlier Monday, data showed that the U.S. National Association of Home Builders/Wells Fargo Housing Market Index remained at 13 in September, staying at its lowest level since March 2009.
Analysts had expected the NAHB housing market index to rise to 14 in September. A level above 50 on the index indicates a favorable outlook on home sales, below indicates a negative outlook.
Commenting on the report, NAHB chief economist David Crowe said, "The stall in the nation's housing market continues."
The Aussie was also up against the euro, with EUR/AUD tumbling 0.98% to hit 1.3801.
Also Monday, Australian central bank governor Glenn Stevens indicated that the bank may increase interest rates further this year, in an effort to cool the rapidly growing Australian economy, in the midst of a mining and energy boom.