Forex: AUD/USD – Private sector credit up 0.3 per cent over April.

on May 31, 2013
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The Australian private sector seems slowly to be building positive confidence for business and economic conditions in the country.

Overall borrowing in Australia grew by 0.3 percent in April. In March the growth had been 0.2 per cent. Year on year, credit rose by 3.1 per cent, slightly off the February year, when the increase was 3.2 per cent.
Breaking down the private sector credit numbers:
Housing credit was up by 0.4 per cent in April, the same as March. For April y/y, housing credit rose by 4.5 per cent.

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Business credit in April fared worse, though was still up by 0.2 per cent against 0.1 per cent in March. Over the year to April business credit grew by 1.4 per cent.
By contrast, personal spending credit was down 0.3 per cent in April, versus a 0.1 increase in March. April y/y personal spending credit decreased by 0.2 per cent.
For the full Financial Aggregates report see: http://www.rba.gov.au/statistics/frequency/fin-agg/2013/fin-agg-0413.html

Note: Private Sector Credit is released monthly by the Reserve Bank of Australia and tracks private sector borrowing in Australia. More borrrowing means more spending and generally indicates a positive outlook for the economy and the Australian currency.
Today’s Asian session was not greatly impressed and mainly sold the AUD/USD. The daily down trend has continued since the beginning of the European session.
The AUD/USD pair has slipped by more than one percent from its highest point over the past week, with 0.9697 reached yesterday.
The pair is currently trading around 0.9590.

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