Forex - Aussie rises on data kiwi holds steady after Wheeler remarks

Aussie gains ground, kiwi holds steady vs. greenback in late trade

Investing.com - The Australian moved higher against its U.S. counterpart on Wednesday, helped by the release of positive Australian data, while the New Zealand dollar held steady following comments by Reserve Bank of New Zealand Governor Graeme Wheeler.

rose 0.34% to 0.7979, just off a four-week high of 0.7996 overnight.

The Australian Bureau of Statistics earlier reported that building approvals declined by only in July, compared to expectations for a 5.0% drop. Building approvals were revised to a 11.7% climb in June, up from a previously estimated 10.9% increase.

A separate report showed that construction work done in Australia increased by in the second quarter, beating expectations for a 1.0% gain.

was little changed at 0.7255.

The kiwi weakened after RBNZ Governor Wheeler said that to help boost the export sector and inflation.

Wheeler was giving a speech titled "Reflections on the stewardship of the Reserve Bank" as he prepares to steps down on September 26.

Meanwhile, the U.S. dollar recovered moderately from the previous session's losses as concerns over .

But sentiment on the greenback remained vulnerable after Federal Reserve Janet Yellen gave no new indications last week on the future path of U.S. rate hikes.

Market participants were also monitoring developments in Texas, as flooding due to Tropical Storm Harvey has .

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 92.32 by 02:10 a.m. ET (06:10 GMT), off the previous session's two-and-a-half year trough of 91.55.

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