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Aussie Dollar Shrugs Off Worse-Than-Expected Construction Data
The Australian Dollar shrugged off total construction work data which failed to live up to economists’ expectations. The amount of work done fell 0.2 percent q/q in the fourth quarter of 2016. Economists expected a 0.5 percent gain ahead of the release. While disappointing relative to forecasts, this was a slower decline than the 4.4% contraction in the third quarter (revised upward from -4.9% originally reported). Not only is the data a component of Australia’s GDP, but the Reserve Bank of Australia is also closely monitoring housing market conditions and has been doing so for some time. In its most recent ... (full story)