Aussie Drops with Completed Construction Work

The Australian dollar fell today on concerns about the impact of Europe’s debt crisis on the global economy and after the report showed that completed construction work grew less than predicted.
The preliminary report about Australia’s construction work done showed an increase by 0.7 percent. That’s two times below the median forecast of a 1.5 percent growth. The MSCI Asia Pacific Index of shares fell 0.6 percent. The Credit Suisse AG index indicated that the bets on an interest rates hike by the Reserve Bank of Australia dropped today 22 basis points from 25 basis points.
AUD/USD fell today from 1.0557 to 1.0439, but currently sharply rebounded and traded at 1.0532 as of 14:42 GMT.

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