New Motor Vehicle Sales up by 2.9%
According to the latest release 95,737 new vehicles were sold in February, seasonally adjusted, in Australia, up 2.9% from January when sales had fallen 1.9%. Australian new vehicle sales jumped by the most in at least a year in February thanks to booming demand for sports utilities, perhaps one side effect of falling petrol prices.
Sales were also 4.1% higher on February last year. The pick up was led by a huge 10.5% surge in sales of sports utility vehicles to a record 33,516 in February. Sales of passenger vehicles extended their long decline with a drop of 0.9%, while other vehicles including trucks dipped 0.3%.
After the data Aussie added few points and is currently being traded around 0.7650 area. Pair is likely to find support at 0.76 and resistance above 0.77 handle. Later today, in the US session, Empire State Manufacturing Index and Industrial Production figures are scheduled for a release.
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