Australian Dollar Lower After Mixed Data
The Australian Dollar fell in overnight Asian trading as investors reacted to a mix of both positive and negative economic data releases.
Australian Retail Sales
In a report issued by the Australian Bureau of Statistics, official data showed on Monday that Retail sales in Australia remained unchanged unexpectedly last month. Australian retail sales stayed at a seasonally adjusted rate of 0.0%. This was much lower than the 0.3% recorded in the preceding month. It comes after analysts had been expecting Australian retail sales to increase 0.4% for last month.
Australian Building Approvals
Keeping the losses for the Australian Dollar in check in a busy Asian trading session, was some surprisingly positive building approvals data.
In a report issued by the Australian Bureau of Statistics, official data showed on Monday that Australian approvals to build new homes increased last week at a rate easily surpassing market expectations. Australian Building Approvals increased to a seasonally adjusted figure of 3.1%. This was a big leap from the -6.6% recorded in the preceding week whose figure was revised up from -7.5%. The figures come after analysts had been expecting Australian Building Approvals to increase to 2.0% for last week.
The Australian Dollar fell 0.60% against the US Dollar. The retail sales figures in the world’s 12th largest economy, highlighted the vulnerability of the domestic economy, whilst concerns persist with China, Australia’s largest trading partner.
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