In the middle of the week, the AUD / USD pair retreats under pressure from the macroeconomic data block.
The Australian dollar is retreating – sales in the AUD/USD are continuing for the second day, but today they have become more pronounced. The current quotation of the instrument is 0.7168.
The morning statistics on completion of construction in Australia for the fourth quarter of 2015 were disappointing. The indicator fell by 3.6% q/q, which is significantly weaker than anticipated in expectations. The figures for the third quarter of last year were both revised to improve - they amounted to -1.8% vs. -3.6% previously.
The wage index (labour costs) amounted to 0.5% in the fourth quarter of last year against the anticipated 0.6%. Yearly it is valued at 2.2%, which is slightly below forecast levels.
In other words, the Australian dollar in the absence of important news from China and the gloomy mood on the stock markets came under pressure from sellers. In some ways, it is a good idea: The Reserve Bank of Australia has repeatedly pointed out that the Aussie is too expensive for the current economic situation, and its exchange rate hinders exporters’ earnings. On the other hand, it may be a definite threat to the stability of the inflation in Australia.
The AUD / USD has room to fall, as at this time it is near the upper limit of the medium-term trading range.
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