AUD stumbled again. Overview for 04.03.2024

The Australian dollar is depreciating against the US dollar. The current AUDUSD exchange rate stands at 0.6519.

The Aussie had been rising for two days but then stumbled upon some not-really-important statistics.

In January, the number of building permits in Australia dropped by 1.0% m/m, following a previous decline of 10.1% and against the forecasted 3.8% rise. This suggests that, amid high interest rates, development companies assess consumer demand as limited and are hesitant to undertake new projects.

According to ANZ observations, the number of job vacancies in Australian companies decreased by 2.8%. The reasons remain the same: with high borrowing costs, only some are actively expanding. A month ago, the index saw a 3.4% increase.

Activity in the currency market is limited at the beginning of the week due to the absence of critical reports. Investors are expected to increase their pace closer to the middle of the week.