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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