The Australian dollar is weaker despite another firm finish on Wall Street overnight.
Early this morning the local unit was trading at 95.56 US cents, down from 96.21 cents on Monday.
The Australian dollar, a risk appetite currency, usually moves higher if share markets rebound.
But it is starting the session in weaker territory, after the Dow Jones Industrial Average gained 0.73 per cent and the broad-based S&P 500 added 0.76 per cent.
Wall Street’s surge comes a day before the Federal Reserve begins meeting to review monetary policy, with expectations mounting that it will make no sharp changes to its economic stimulus.
Stocks ended off their one per cent-plus gains, with uncertainty and the lack of much hard news driving the market.
Support came from the push to a seven-year high in the National Association of Home Builders’s builder confidence index.
The index hit 52, topping 50 for the first time since April 2006, with builders calling conditions good rather than poor.
“Surpassing this important benchmark reflects the fact that builders are seeing better market conditions as demand for new homes increases,” said Rick Judson, NAHB chairman.
Stay informed, daily
Streaming video provider Netflix added 7.1 per cent after announcing a deal for original content from DreamWorks Animation. Dreamworks gained 4.1 per cent.
Dow member Boeing rose 1.2 per cent after announcing more than $US6 billion in new aircraft orders at the Paris Air Show.
Want to see more stories from InDaily SA in your Google search results?
- Click here to set InDaily SA as a preferred source.
- Tick the box next to "InDaily SA". That's it.
