Big Miss for Construction Data: AUD/USD
The AUD/USD been on the slide recently and today’s construction data likely isn’t going to help.
We saw a big miss with a -2.8% QoQ result which was a far cry from the +0.9% expected.
This is really a reflection of the lacklustre state of the housing market in Australia and also why the RBA must be nervous about raising interest rates.
House prices continue to fall in Sydney and Melbourne, with experts suggesting a 20% decrease.
The interesting factor here is that this number is a part of the GDP calculation, so that will clearly weigh on that figure going forward.
Aussie Outlook
The AUD/USD hasn’t responded much to the move and is still a bit more focused on trade developments and the price of Iron Ore.
The AUD/USD failed recently at the major level at 0.7300 and price is now headed towards 0.7200.
A strong USD has helped the fall, but if we can crack 0.7200 then some more technical selling might come back in as well.
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