Australian dollar soars

Australian dollar escalates as home loan growth ignites optimismcommon-2The Australian dollar rose against all 16 major counterparts following home loans improved more than projected, igniting positivity about the economic recuperation.Home-loan approvals

Home-loan approvals gained 1.6% in March, according to the statistics bureau in Sydney. The Aussie added 0.5% to 79.28 US cents. This month, the currency has increased 0.3% versus the US dollar. When home loans in Australia grew, transcending to other sectors, which shows the “confidence coming through from recent rate cuts is prompting people to get housing finance,” said Stan Shamu, Market Strategist at IG Ltd.