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Australian Reports Expected to be Positive on AUD
The Australian dollar (AUD) is expected to be propped up this week as market reports show mild expansion across the boards. Piling atop recent reports on Australia's slowly expanding housing sector, recent publications of Australian consumer and business confidence is starting to show a somewhat disturbing contraction striking several sectors of Australia's economy, as well as its psyche.
Expectations for these recent reports have been for modest growth, and in some instance, at best, zero movement. The week's reporting has so far led many investors to pull away from the Australian dollar (AUD) in recent trading, but many are expecting a rebound. National data on housing and employment has also driven many investors away from the once-burgeoning AUD. This data, combined with dismal housing starts figures and building approvals reports, has so far dragged the Aussie lower and looks to continue doing so this week.
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