The aussie took another nosedive against the greenback around the opening of today's Asian session. This came after disappointing Building Permits data for November. It contracted by 1.5 per cent over the past month, which was higher than the expected contraction of just 1 per cent. Over the past 12 months, permits increased by 22.2%, although it was still lower than the previous growth which was at 23.1%. The growth is largely fueled by the record-low interest rates in Australia, which then fueled property investments in the country.
On a positive note, Australia's Retail Sales grew by 0.7% in November compared to the previous month. This was higher than the expected growth of 0.3%. This helped the aussie climb back at the 0.8900 area.
In about half an hour, China will also release its CPI and PPI data, which could also affect the aussie's performance today.
The AUD/USD pair is currently trading at 0.8903, with initial resistance seen at 0.8946, followed by 0.8968. Meanwhile, initial support is at 0.8865, followed by 0.8843.
Also in the Pacific, the yen gained some strength as the Nikkei opened lower today. This dragged the USD/JPY pair below the 105.00, although it is largely seen to hover around the level at the moment.
Yesterday, the pair rose above the 105.00 zone, but was unable to sustain it. It is currently trading at 104.78, with initial resistance seen at 105.24, followed by 105.51. Meanwhile, initial support is at 104.64, followed by 104.38.
The GBP/JPY pair rose in yesterday's trading, peaking at 172.84. Although it opened on a weak note in today's Asian trading, it has so far maintained its level around the 172.40 zone. The pair is currently trading at 172.42, with initial resistance seen at 172.07, followed by 172.50. Meanwhile, initial support is at 171.18, followed by 170.75.
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