Australian Dollar Lower as Economic Data Hurts

The Australian dollar fell against the US dollar and the Japanese yen today as domestic economic data released over the trading session was detrimental to the currency.
Australia’s gross domestic product rose 0.5% in the June quarter from the previous three months. While it was not a bad reading by itself, the figure was slightly below the forecast 0.6% and noticeably lower compared to the March quarter’s 1.0%. On top of that, the Construction Index released by Australian Industry Group showed a drop from 51.6 in July to 46.6 in August, entering the contraction territory.
AUD/USD fell from 0.7686 to 0.7670 as of 17:28 GMT today. AUD/JPY declined from 78.41 to 78.08, touching the low of 77.57 intraday.

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

Leave a Reply

Your email address will not be published. Required fields are marked *

seventy two − = seventy one