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Dollar drifts lower

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The Australian dollar has drifted lower following soft economic data.

Early on Tuesday, the local currency was trading at 92.75 US cents, down from 92.84 cents on Monday.

Data released on Monday showed Australia’s construction industry remained in decline at 46.2 points – below the 50 level that separates expansion from contraction – while the number of job advertisements rose modestly, by 1.4 per cent, in March.

BK Asset Management managing director Kathy Lien said the soft data pointed to a possibly weak result when labour force figures for March are released on Thursday.

“One of the most important economic reports on the calendar this week is Australian employment and based on the ANZ job ads report and the jobs component of the construction purchasing managers’ index, we are looking at a strong possibility of weaker job growth that could accelerate losses in the Australian dollar,” she said.

Investors on Tuesday would turn their attention to the National Australia Bank monthly business report, Lien said.

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