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Australian Dollar Soft on Poor Housing Data, Other Reports

February 4, 2019 at 11:37 by Vladimir Vyun

A heap of Australian dollarsThe Australian dollar traded flat-to-lower today after the release of underwhelming macroeconomic reports in Australia. Economic data in China, Australia’s biggest trading partner, was neutral, having a limited impact on the currency.

The biggest negative impact perhaps had the building permits report from the Australian Bureau of Statistics, which showed a drop by 8.4% in December from the previous month on a seasonally adjusted basis, which followed the 9.8% decline in November (revised, 9.1% before the revision). That was a total surprise to economists as they were counting on an increase by 2.1%.

Other reports were bad as well. The Melbourne Institute Inflation Gauge fell 0.1% in January after rising 0.4% in December. The ANZ Job Advertisements dropped 1.7% in January, month-on-month, after falling 0.7% in December (revised negatively from a “no-change” reading).

The Caixin China Services PMI slipped a little from 53.9 in December to 53.6 in January. Still, the index was above the average forecast of 53.3 and remained safely above the neutral 50.0 level.

AUD/USD dropped from 0.7246 to 0.7226 as of 11:25 GMT today. EUR/AUD gained from 1.5799 to 1.5842. AUD/JPY was at 79.40, very close to its opening level of 79.35.

If you have any questions, comments, or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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