Australian Dollar Hurt by Lackluster Motor Vehicle Sales

The Australian dollar was neutral-to-lower today as nation’s macroeconomic data was lackluster, making the currency unable to profit from the strong performance of the commodity market.
Performance of the Australian currency often tracks moves of prices for raw materials as Australia is an export-oriented economy, and commodities performed well today across the board. Yet the Aussie found no support from that fact as domestic fundamentals were detrimental to the currency. The Australian Bureau of Statistics reported that new motor vehicle sales dropped 1.5 percent from the previous month on a seasonally adjusted basis.
AUD/USD traded at 0.7766 as of 17:11 GMT today after opening at 0.7774. AUD/JPY slipped from 92.10 to 91.96 after rallying to 92.39 earlier.

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