Aussie is making new lows as Europe awakes, after earlier seeing the cross fall from above $0.93 to make a $0.9262 bottom after a weak slew of data at 1130 AEST (0130 GMT). After earlier seeing some solid data in the Manufacturing sector with the May AiG Manufacturing index rising to 49.2 from 44.8, and then the RPData/Rismark House Price Index dropping 1.9% in May, Building approvals continued on from recent losses to post a 5.6% drop in April with non-residential Approvals plummeting and residential down 0.3%. At the same time, Q1 data for Inventories dropped 1.7% (MNI Median was for a 0.5% drop) although that was slightly offset by a higher than expected Company Operating Profits result for Q1. The Inventory data have influenced economists with some now lowering forecasts for Q1 GDP, released on Wednesday at 1130 AEST (0130 GMT). The Aussie now sits on it’s new daily low of $0.9255, down $0.0055.Technical support should be expected around $0.9250, whilst stops are noted below $0.9200 (with good buying noted $0.9200/05) and $0.9170. Topside stops are noted above $0.9340 with good sellers at $0.9390/00.
