Australia’s construction sector keeps weakening. The corresponding index showed a decline by 2.6 points, thereby reaching 36.2 points.
The decline was seen in all the sectors. The construction of residential property is the biggest loser due to lower demand.
The sub-index of new orders, which determines the industry’s prospects, disappointed as well. The index has been in the red zone for 32 consecutive months. It has currently dropped down to 37.0.
Analysts report that multiple interest rate cuts initiated by the RBA have failed to come up to their expectations. There is no growth.
Forex.
The chart below, courtesy of , reflects the current state of affairs in the market of AUDUSD. The currency is declining. The closest levels of support are 1.0264, 1.0222/09. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 1.0338 (as shown below).
