The Australian dollar was not moving in any particular direction at the start of Friday’s trading session. Traders were digesting economic data and the Statement of Monetary Policy released by the Reserve Bank of Australia.
Australian Industry Group reported that the construction index fell from 46.8 to 46.3 in January. The reading below 50.0 indicates that the sector is in decline.
Seasonally adjusted retail sales demonstrated no change in December. That was a disappointment to those economists who had promised an increase by 0.5 percent.
Turning to positive news, the RBA left its growth forecast basically the same. This allowed some analysts to say that the central bank is not in the mood for cutting interest rates further.
AUD/USD traded at 0.7194 as of 1:41 GMT today after opening at 0.7199. EUR/AUD was basically at its opening level of 1.5563. AUD/JPY also barely moved from the opening of 84.07.
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