AUD/NZD near 1.08 after Weak Construction Data

The New Zealand dollar was higher against the Australian dollar late Wednesday but remained rangebound against its U.S. counterpart.

“We have seen a little bit of strength against the Australian dollar which is lower on a) the back of the weaker Chinese yuan and b) the (Australian) construction data,” Tim Kelleher, head of FX Institutional Sales at ASB Bank, said.

The Australian dollar has been pressured by the weaker yuan over the past several sessions, and weakened further Wednesday on news fourth-quarter total construction fell 1.0% on the quarter while engineering construction was down 0.5%.

WSJ

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