Australia’s Treasurer Frydenberg: House prices lifting confidence

After the Reserve Bank of Australia’s (RBA) highlighted the recent strength in the housing markets at its monetary policy meeting on Tuesday, the country’s Treasurer Josh Frydenberg offered upbeat comments on the hot property market.

Frydenberg said that he believes as price values go up, it gives people more faith in the economy and confidence to spend.

RBA’s Governor Phillip Lowe said Tuesday, “housing markets have strengthened further, with prices rising in most jurisdictions, while housing credit growth to owner-occupiers has picked up, with strong demand from first home buyers.”

AUD/USD advances further towards 0.7700

AUD/USD catches fresh bids, as it moves closer towards the 0.7700 mark. Broad-based US dollar weakness combined with higher S&P 500 futures bode well for the aussie.

The spot was last seen trading at 0.7674, adding 0.17% on a daily basis.