The Australian dollar dropped on Tuesday as house price index increased less than expected in the 1st quarter.
According to Australian Bureau Statistics, residential property index went up 1.6% in the 1st quarter from 1.9% in the last quarter.
The Aussie closed at 68.14 euro cents from Monday’s 68.44 euro cents, and 77.15 US cents from 77.90 US cents.
Weaker than projected housing figures and lower manufacturing activity in China “pulled the currency in opposite directions,” said Liam Moon, Senior Dealer at Easy Forex.
HSBC Manufacturing PMI was at 49.2 in May from 48.9 in April.
The material has been provided by InstaForex Company – www.instaforex.com