Business conditions across Australia’s construction sector deteriorated at the fastest pace in 20 months in October. And it was led by the apartment subsector. The latest Performance of Construction (PCI) released by the Ai Group on Monday fell by 5.5 points to 45.9 in October. The PCI, like the PMI and PSI released by the group, measures changes in operating conditions across Australia’s construction sector from one month to the next. A reading above 50 signals that conditions improved while a sub-50 figure points to a deterioration from one month earlier.
Aussie is currently being traded around 0.7670 level. Pair is likely to find support around 0.7650 and resistance above 0.77 handle.
