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Australian Dollar Dragged Down by Market Sentiment, Poor Data

February 27, 2019 at 13:12 by Vladimir Vyun

The Australian dollar was weak today, falling for the same reasons as its New Zealand counterpart: the negative market sentiment and poor domestic macroeconomic data.

The Australian Bureau of Statistics reported that construction work done fell 3.1% in the December quarter from the previous three months on a seasonally adjusted basis. That was completely opposite to analysts’ expectations of a 0.6% increase. The decline in the September quarter got a substantial negative revision from 2.8% to 3.6%.

AUD/USD fell from 0.7181 to 0.7154 as of 13:00 GMT today. EUR/AUD gained from 1.5841 to 1.5910.

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