Australia Dollar lower following weaker motor vehicle sales in February

from MoneyTrading.com.au

The number of new motor vehicle sales in Australia slipped a seasonally adjusted 1.9% in February compared with the previous month, official data showed on Monday.

The Australian Bureau of Statistics said in a report that there were 85,035 such sales during the month. Sales fell 3.5% in January.

According to the Sydney Morning Herald, economists say an 8.6% drop in sales of new commercial vehicles – which were included in the category of "other vehicles" – was the result of the Australian government's removal of a tax break for business investment.

In the wake of the report, the Australian dollar slid against its U.S. counterpart, with AUD/USD falling 0.33% to hit 0.9124.