AUD under constant pressure - BBH
The Australian dollar posted a bullish key reversal yesterday, but the lack of follow-through buying today is disappointing, according to analysts at BBH.
“Construction jumped 15.7% in Q3 after an upwardly revised 9.8% (from 9.3%) in Q2. Even this did not help. The construction report was flattered by the LNG facility being imported. The weakness in renovations seemed to local investors more important than the 6% rise in public infrastructure.”
“The Australian dollar met offers in front of $0.7600 and returned to $0.7555 before finding a bid. The recent drip lower in Australia's two-year yield and increase in the US means that the Australia's rate is poised to fall below the US for the first time since 2000.”