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Weaker Aussie trading this morning

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For the 24 hours to 23:00 GMT, the AUD declined 0.24% against the USD and closed at 0.7611.

On the data front, in China, Australia’s largest trading partner, the leading economic index rose 0.70% MoM in July, after recording a rise of 0.50% in the previous month.

LME Copper prices declined 0.27% or $13.0/MT (£9.83/MT) to $4719.0/MT (£3569.46). Aluminium prices rose 0.06% or $1.0/MT (£0.76/MT) to $1653.0/MT (£1250.10/MT).

In the Asian session, at GMT0300, the pair is trading at 0.7606, with the AUD trading 0.07% lower against the USD from yesterday’s close.

Early morning data indicated that, Australia’s construction work done dropped 3.7% on a quarterly basis in 2Q 2016, higher than market expectations for a drop of 2.0% and after recording a revised drop of 0.3% in the prior quarter.

Paul

The author Paul