Australian Dollar Falls Despite Faster Growth of Construction Sector

Growth of the Australian construction industry accelerated last month, but that provided little support to the Australian dollar, which fell against its major rivals during the Wednesday’s trading session.

The seasonally adjusted Australian Industry Group/Housing Industry Association Australian Performance of Construction Index climbed from 52.8 to 53.3 in January. The report signaled that the construction industry was experiencing growth for 12 months in a row. Yet the data released overnight was unable to boost the Australian currency, which was trading in a range for some time after the release and entered a downtrend later.

AUD/USD dropped from 0.7893 to 0.7867 as of 12:06 GMT today. AUD/JPY declined from 86.49 to 85.92.

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