The Australian dollar declined today amid the worsening business confidence in Australia and the general negative market sentiment.
National Australia Bank reported that the business conditions improved from +1 to +3 in June. The report said that the increase was a result of “a lift in the employment and trading sub-indexes”. At the same time, the business confidence dropped from +7 to +2 following the sharp increase in May. The report noted that “the decline in confidence was broad-based across industries”.
AUD/USD slumped from 0.6971 to 0.6929 as of 19:38 GMT today. EUR/AUD jumped from 1.6081 to 1.6173.
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Australian Dollar Drops with Business Confidence
