The Australian dollar gained against its US counterpart today even as business confidence edged down last month. At the same time, the trimmed its gains versus the Japanese yen.
The National Australia Bank business confidence index went down from 3 to 1 in February. The report mentioned the high exchange rate of AUD as one of the reasons for the decline of confidence among businesses. The currency was rising against USD despite the data, but gave up almost all its gains against the yen, which erased its previous losses caused by the intervention threat.
AUD/USD rose from 1.0277 to 1.0317 as of 12:22 GMT today. AUD/JPY rose from 98.95 to 99.55, the highest rate since August 2008, but retreated to 99.12 later.
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