Dollar down on weak US data | Business Breaking News | News.com.au

rs sold risk-sensitive assets such as equities and commodity-driven currencies in overnight trade following the release of soft housing data in the US. Wall Street closed lower today, withy Dow Jones Industrial Average down 0.5 per cent, after the weaker than expected housing data. Housing starts in the US rose by 0.5 per cent to 590,000 in September, below market expectations of a 610,000 increase. The US dollar gained against most currencies during the offshore session. Commonwealth Bank currency strategist Joseph Capurso said the Australian dollar traded in a narrow range on Wednesday with little economic data to move financial markets. "The US dollar had a small surge with those softer housing permit numbers,'' Mr Capurso said. "That was the main mover. "There was not much new information to push the currency around.'' economic data due in the US during tonight's (AEDT) offshore session includes the Mortgage Bankers' Association's mortgage applications for the week ending October 16 and the US Federal Reserve's Beige Book on economic conditions. Boston Federal Reserve Bank president Eric Rosengren, Richmond Federal Reserve Bank president Jeffrey Lacker and Federal Reserve governor Daniel Tarullo will all deliver speeches overnight. "The Beige Book should start to sound a bit more optimistic, but I don't think they will be indicating rate rises,'' Mr Capurso said. ``The chances are the Aussie will climb a bit further with the Fed confirming it is going to be on hold, but the (US) economy is still improving slowly.'' Mr Capurso forecasts the Australian dollar to trade between $US0.9190 and $US0.9300.