Australia’s construction sectors keeps showing weakness despite the fact that the Australian economy is showing signs of recovery.
The business activity index provided by the Australian Industry Group has increased by 1.8pts up to 38.8pts (with a glance at seasonality). Still, the index is below 50, which indicates weakness.
However, analysts report that the declined has slowed down. It became possible due to new construction orders and activity. The results (late 20120) were predictable thanks to the overall economic situation, which is confirmed by such general tendencies as higher unemployment.
Still, experts assume that the situation in the Australian construction sector will improve in 2013.
Forex.
At the same time, reports that the Australian Dollar keeps strengthening against the US Dollar. The experts report that AUDUSD is forming wave a big-scale upswing represented by wave а(С)/С of level Weekly.
The closest levels of resistance are 1.0623 and 1.0640. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.0393 (as shown below).
