Australian construction industry contracted in May

Source: Forexfactory
Australian construction industry shank for 24th month in a row in May. Australian PCI lost 0.2 points, attaining 34.7 in May; reading below 50 signals contraction. Meanwhile, the sharpest fall was registered in commercial construction and house and building activity. The data mostly reflects cyclical downturn in the industry; however, recent interest rate cuts from the RBA are likely to provide fresh stimulus for construction industry, said Julia Toth, Chief Economist of Australian Industry Group.



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Thu, 07 Jun 2012 07:25:25 GMT

Crude oil rose in Asian trading

Crude oil futures edged up in Asian trading on Thursday amid falling US inventories and hopes that the Fed will provide additional monetary stimulus to boost economy. Light, sweet crude oil futures for July delivery traded at 85.45 US Dollars per barrel on the New York Mercantile Exchange, rising by 0.51% from the last session's low of 85.38 US Dollars

Thu, 07 Jun 2012 06:44:26 GMT

Gold slid on profit-taking

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