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Construction Work Done fell more than expected

Wednesday, May 27 2015
Earlier this morning Construction Work Done figures were released from Australia. The seasonally adjusted estimate for total construction work done fell 2.4% to $48,397.8 million in the March quarter. Analysts were predicting smaller decrease by 1.4%. Total building work done rose 3.3% to $23,597.0 million, while engineering work done fell 7.3% to $24,800.9 million in the March quarter.
 
Also, MI Leading Index figures were released showing 0,1% increase. The lift is a positive sign after persistently weak, below trend readings throughout 2014 and a dip back into slight negative territory in March. It suggests the Australian economy has regained some momentum although the growth pulse is still not particularly strong.
 
Despite the figures, Aussie rebounded this morning and is currently being traded few points above 0.7750 level. Pair is likely to find support around 0.77 handle and resistance near 0.78 area. There will be no major data releases in the rest of the session.
More in this category: « USD broadly higher after consumer confidence and home sales data German Consumer Climate rose to 10.2 points »

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