According to the Australian Bureau of Statistics, the construction work done on a quarterly basis decreased by 0.4 per cent, which is less than the general forecasts for a 1 per cent tumble.
Despite the marginal improvement, however, the index has been negative for over a year now. This is the fifth consecutive dip in construction work.
Australia Construction Work. Image source: TradingEconomics.com
This economic indicator is of particular importance for the Reserve Bank of Australia, as the Board of Directors considers the rate of construction as a primary gauge for the health of the economy and also for the overall state of local business activity.
Thus, today’s results provide little justification for optimism among Australian investors, as construction work continues to be subdued.
Nevertheless, the index registered its most solid performance since July 2018, which might be enough for the RBA to consider maintaining the interest rate unchanged until the general economic activity catches up.
Meanwhile, the Australian dollar continues to consolidate following its major depreciation from three months ago.
The AUDUSD is currently trading close to 0.67800. The price is consolidating between the major resistance level at 0.68000 and the middle level of 0.67500
The price is still correcting itself following the bullish channel, which reached 0.69180.
The long-term market sentiment remains prevailingly bullish, so once the correction exhausts its strength, a new bullish swing is likely to occur once again.
AUDUSD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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