Australia’s residential construction sector is in decline, The PCI declined by 2.2 point down to 32.6 in July.
Despite the negative dynamics seen over 26 months in a row, the pace of decline is slowing down. Even though the RBA cut the interest rates, the residential construction performance is still in decline. The only positive factor is that the pace of this decline is getting lower.
According to Andrew Harvey, HIA Senior Economist, the RBA’s interest rate cuts still haven’t had any impact on the country’s residential construction sector, thus making existing homes more attractive for buyers.
Forex.
According to , the Australian Dollar keeps retracing against the US Dollar. The experts report that AUDUSD is forming wave А(С)/С inside a bigger-scale upswing represented by wave 3 or C.
A further rally (if the 1.0602 high is overcome) will probably encounter resistance around 1.0627, 1.0675. A break below 1.0529 will initiate wave 4, В(С) or В of a bigger wave level. The closest levels of support are located at 1.0501, 1.0438 and 1.0437.
