A report by the Australian Bureau of Statistics this morning revealed solid growth in the purchase of new motor vehicles. Last month’s adjusted value of this same report showed mild growth in such spending by approximately 1.9%. But this month’s report surprised even skeptics.
The indicator, published at 2:30 GMT Monday, highlighted a strong surge in consumer purchases of new motor vehicles by approximately 8.6% in July. Released 20 days after the end of the month means this report carries less impact than others of its kind, but it does carry a direct correlation to consumer confidence and outlook. The Australian dollar (AUD) may see some upward growth this week, but its gains will likely be limited and strongly affected by global events.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
