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Australian construction sector continues to struggle in March

Thursday, Apr 07 2016
The national construction industry contracted at a slightly steeper pace in March, with the Australian Industry Group/Housing Industry Association Australian Performance of Construction Index declining by 0.9 points to a 13-month low of 45.2. Ai Group Head of Policy, Peter Burn, said: "The national construction sector slipped further in March with weakness in house building and engineering construction overwhelming small advances in the apartment building and commercial sub-sectors."
"The overall decline in the residential sectors' performance follows the retreat in recent months of dwelling approvals - admittedly from very strong levels. Declining engineering construction continues to be a drag on the construction sector and the broader economy as mining-related work continues to roll back. While activity in the commercial construction sub-sector lifted slightly, new orders for commercial projects continued a run of falls. With new orders across the sector also falling, the immediate outlook for construction is for further contraction."
 
Aussie is currently being traded around 0.7620 area. Pair is likely to find support around 0.7550 handle and resistance above 0.7680 level. Later today, in the US session, Unemployment Claims figures are scheduled for a release.
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