Australian Money Source: Supplied
The Australian dollar is marginally higher in response to encouraging housing data.
The local currency rose to 105.23 US cents shortly after the figures were released at 1130 AEST on Monday, from 105.19 US cents beforehand.
The Australian Bureau of Statistics said the total number of housing loan approvals rose two per cent in February, above market expectations of a 1.5 per cent improvement.
The Australian dollar opened weaker, as disappointing US retail sales data and a negative finish on Wall Street pushed the currency back towards 105 US cents.
At 0700 AEST on Monday, the Australian dollar was at 105.06 US cents, down from Friday's local close of 105.46 US cents.
It dipped below 105 US cents during the weekend offshore session, reaching as far down as 104.80 US cents.
The local unit also retreated slightly against the Japanese yen, following significant gains after the Bank of Japan announced a massive stimulus package.
At 0700 AEST, the Australian dollar was at 103.15 Japanese yen, down from 104.82 yen on Friday.
US retail sales fell 0.4 per cent in March, much worse than market expectations of an 0.1 per cent decline.
Also, US stocks ended on a weak note, with the S&P500 off 0.28 per cent and the NASDAQ settling 0.16 per cent lower.
BK Asset Management managing director Kathy Lien said the US retail sales data snapped the recent rally for currencies such as Australian dollar.
"The performance of the commodity currencies today shows that what has risen the fastest can also fall the hardest," Ms Lien said in a research note.
"Next to the Japanese Yen pairs, the worst performing currency pair was the NZD/USD.
"The Australian and Canadian dollars also came under selling pressure."
In economics news on Monday, the Australian Bureau of Statistics will release housing finance figures for February.
The Reserve Bank of Australia will release the minutes of its April board meeting on Tuesday.
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