Australian Dollar Soft After Leading Indicators Decline

The Australian dollar remained rather vulnerable today, falling against its most-traded rivals, though it remained slightly above the opening level versus the soft Japanese yen.

The Westpac–Melbourne Institute Leading Index declined 0.22% in March from the previous month after rising 0.43% in February. The report explained the decline by the following reasons:

Drivers of the slowdown in the month have been from the domestic components – a slowing labour market; and some weakness in housing while rising short term interest rates have reflected liquidity pressures from global markets.

Talking about the labor market, analysts expected tomorrow’s jobs report to show decent results, including solid employment growth and falling unemployment rate.

AUD/USD slid from 0.7763 to 0.7753 as of 9:22 GMT today. AUD/JPY was up from 83.05 to 83.43 before pulling back to 83.18.

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