The Australian dollar traded mostly flat today as economic indicators were confusing, creating no clear picture of Australia’s economic health. The currency started the trading session with a sharp drop, but managed to rebound against the US dollar and the euro later.
The Conference Board Leading Index rose 0.8 percent in December after increasing 0.2 percent in the previous month. Yet the Westpac-Melbourne Institute Leading Index of Economic Activity dropped from 1.09 percent in December to 0.46 percent in January. The report said that the interest rate cut scenario remains likely in the current situation.
AUD/USD traded at 0.9031 as of 13:13 GMT today after falling from 0.9025 to 0.8990 earlier. EUR/AUD was at about 1.5215 following the rise from 1.5237 to 1.5309.
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