AUD stalled in front of $0.7500 - BBH

The Australian dollar stalled in front of $0.7500 and has been stymied by this cap this week as the rebound from $0.7300 on November 21 stalled, notes Research Team at BBH. 

Key Quotes

“The precipitating cause today may have been the unexpectedly sharp drop in building approvals.  The 12.6% drop contrasts with expectations for around a 2% gain, which was to follow an 8.7% decline in September.  The September series was revised to show a 9.3% decline. It is the third consecutive decline, a streak not seen since Q4 13.  Some pressure on the Australian dollar may also be coming from month-end flows and the profit-taking in some of the industrial metals.  In particular, coking coal, iron ore, and steel were limit down in China on Wednesday, according to reports.”