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After a positive start to the week, the Aussie dollar was hit with a steady stream of disappointing economic updates from Australia to close out Friday as the worst performer among the major currencies.

Overlay of AUD Pairs: 1-Hour Forex Chart
Overlay of AUD Pairs: 1-Hour Forex Chart
AUD Weekly Performance from MarketMilk
AUD Weekly Performance from MarketMilk

Australian Headlines and Economic data


Australia Q2 inventories, wages decline amid first recession in 30 years

Australia Private Sector Credit in July: -0.1% m/m vs. -0.2% m/m in June.


Melbourne lockdown slows national manufacturing recovery in August

Australia’s home building lifts from pandemic-induced eight-year low

Record current account surplus for Australia in Q2 2020

RBA holds rates, expands bank funding scheme

Commonwealth Bank Manufacturing PMI: 53.6 in August vs. 54.0 in July


Australian 2Q20 GDP falls 7.0% in Q2 2020 – expectations were for a -6.2% drop so it’s no surprise the Aussie was knocked lower after the event.


Australia’s construction industry slump continues into August 2020

Australia trade surplus narrows even as gold exports hit record

Australia services activity falls in August amid renewed COVID-19 measures

Australia Retail sales falls -3.2% m/m in July, following a +2.7% rise in June. 

In addition to an ugly round of economic updates from Australia, it’s likely the broad risk-off sentiment during the Thursday session sparked by weak economic updates around the globe (e.g.,  Eurozone Services Business Activity Index: 50.5 in August vs. 54.7 in July, 115,762 U.S. Job Cuts in August, recovery in China’s services sector loses a step) added pressure to Aussie bulls.


Australia retail sales jump 3.2% m/m in July