Australia AIG performance of construction index rises 10.6 points to 35.5 in June - Reuters

Ross J Burland FXStreet

Australia's AIG performance of construction index rises 10.6 points to 35.5 in June.

AUD/USD is unchanged on the data, travelling sideways into holiday thin market conditions.

At the time of wiring, AUD/USD is flat on the session at 0.6924.

AUD/USD Forecast: Dismal mood prevents Aussie from rallying

Meanwhile, the ASX 200 Index is trading 6032 pre-market, set to jump higher this morning as Wall Street surged on record payrolls jump that indicated the economic recovery is underway. The share price index futures rose 0.6% in a 15 point premium to the underlying index.

Robust commodity prices are also likely to underpin risk sentiment.

The ANZ China Commodity Index subsequently finished the session up 0.5%, analysts at ANZ Bank explained.

The energy sector rose the most, with crude oil and natural gas recording strong gains. Industrial metals were higher, led by copper and nickel. Iron ore was slightly higher, and coking coal slightly lower.

Agriculture was mixed, with strong gains in cotton and palm oil offsetting falls in soybeans and corn. Gold saw a small gain, lifting the precious metals sector.

Description of the HIA/AiG Performance of Construction Index

Based on 120 interviews to companies, the HIA/AiG Performance of Construction Index, released by the Australian Industry Group and the Housing Industry Association, is considered as an indicator that measures the conditions on the short and medium-term in the construction market.

Companies answer questions related to production, employment, prices supplier deliveries, inventories and new orders. A high reading is seen as positive, or bullish for the AUD, while a low reading is seen as negative, or bearish.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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