Release Explanation: This report measures the change in the total inflation adjusted value of construction projects that are completed during the previous period. The figure is used to track developments in the construction sector. This is because the construction sector is viewed as a leading indicator of economic output as well as the rest of the housing market. If the number is consistently declining than the economy as a whole is likely to contract.
Trade Desk Thoughts: The trend estimate for construction work completed rose 2.6 percent in December of 2008 while the seasonally adjusted estimate came in at 1.7 percent. This comes after a strong revision higher of the September quarter, from 4.4 percent to 5.5 percent.
Forex Technical Reaction: The aussie has been stuck in a 30 pip channel since the start of the new day. The pair has not reacted significantly to either release this evening.