Australian Dollar Recovers After Falling on Poor Data

The Australian dollar fell intraday but has recovered by now as markets were waiting for US nonfarm payrolls. Meanwhile, macroeconomic data in Australia was not good, which can explain the initial fall of the currency.
The Australian Bureau of Statistics reported that the seasonally adjusted number of building approvals slumped by 15.5% in March from the previous month after climbing 19.1% in February. That is compared to the forecast drop of 12.5%.
The Australian Industry Group Australian Performance of Services Index rose to 46.5 in April from 44.8 in March. Despite the rise, the index was still showing contraction of the sector, albeit with slower pace.
AUD/USD traded at 0.6995 as of 12:21 GMT today after opening at 0.6998 and falling to the daily low of 0.6984. EUR/AUD was at about 1.5940 following the opening at 1.5955 and the rally to the session high of 1.5994.

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