The price of the Australian dollar fell sharply after the release of the data on reduction the number of construction permits in the country by 5.6% in April, compared with an expected growth rate of 2.1%. With the deterioration of the situation in the mining sector, the construction sector was supposed to be the key sector of the country, to attract investment and create jobs.
In addition, it is worth noting that the trade balance of the country is under the pressure of falling prices for iron ore and gold. Slowdown in the Chinese economy also adversely affects the mood of investors.
We expect the further decline of the national currency of Australia in the medium term with targets at 0.90 and 0.89.
Wish you the profits!
FXFINPRO Capital Analytical department.