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Positive Macroeconomic Data Doesn’t Help Aussie to Rally

August 22, 2018 at 12:26 by Vladimir Vyun

General Sir John Monash on Australian 100-dollar billMacroeconomic data released in Australia over the trading session was good. But unlike its New Zealand counterpart, the Australian dollar was unable to rally against any of its rivals, though managed to pare losses against some of them.

The six month annualised growth rate in the Westpac–Melbourne Institute Leading Index rose from –0.06% in June to +0.55% in July. Construction work done rose 1.6% in the June quarter from the previous three months, seasonally adjusted, more than two times the forecast increase of 0.7%.

AUD/USD was down from 0.7361 to 0.7334 intraday but bounced to trade close to its opening level by 12:18 GMT today. EUR/AUD jumped from 1.5703 to 1.5788.

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