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AUD value helping non-mining sector - Rabobank

FXStreet (Guatemala) - Analysts at Rabobank explained that according to a report published by the RBA last week, “recent declines in bulk commodity prices have reduced the growth of household income, company profits and government revenues”.

Key Quotes:

"This is largely the result of a significant reduction in Australia’s export revenues. According to the RBA,”the direct effects of a reduction in employment in the resource sector are likely to be small because mining accounts for just 2 per cent of total employment”.

In fact despite the host of negative headlines this year concerning the job prospects for miners, Australian employment data has held up remarkable well this year. This provides some evidence that the depreciation in the AUD over the past year has helped to support a recovery in the non-mining tradable sector."

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AUD/USD: downside favoured - FXStreet

Valeria Bednarik, chief analyst at FXStreet noted that the AUD/USD pair fell down to 0.7018 during the previous Asian session, weighed by negative Chinese data that once again, fueled fears of an economic slowdown spreading in the local economy.
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