The Australian economy seems to be nearing stagnation. The latest Services PMI report showed a major slowdown. The index dropped down to 42.5. This was a 4.1% decline caused by weaker consumer demand. The slight growth shown by the country’s financial and insurance sector partially made up for the decline.
According to the Australian Bureau of Statistics, Australia’s GDP boosted by 0.6% in Q2 2012. That was a less-than-expected increase. However, the year-over-year indicator managed to come up to analysts’ expectations (+4.3%).
Forex.
According to , the Aussie keeps recovering from the recent downtrend against the US Dollar. The experts report that AUDSUD is forming an upswing represented by wave А/В of level H4.
A further downswing will probably meet support around 1.0093 if the price breaks below 1.0166. The bearish trend move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 1.0543 (as shown below).
