Australian service sector expands
A performance index for the Australian service sector has climbed 10 points in June, reaching above 50 points to indicate that the service sector is expanding. This is the first time in 15 months growth has been recorded, show figures from the Bank of Australia and Australian Industry Group based in Sydney.
The expansion is thought to be due to hawkish government intervention to stimulate the economy. The Reserve Bank of Australia has slashed interest rates to the lowest level in more than 50 years and the government has injected AUD12 billion to households to stimulate spending levels.
Exchange rates for the Australian dollar are currently sitting at 1.25 against the US dollar.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.