Australian Dollar Drops with Business Confidence, Manages to Recover

The Australian dollar fell today against its US peer after the release of business confidence report, but managed to recover as of now. The currency advanced versus the Japanese yen.
NAB Business Confidence slipped from 0 to -3 in July, the lowest level in 8 months. The report mentioned the adverse effect of the depreciating currency on business activity:

Weaker AUD hurting wholesale and retail purchase costs but weak activity sees this reflected in lower profits not higher prices.

The negative data did not prevent the Aussie from rising against the yen, which continued to experience weakness after yesterday’s losses.
AUD/USD was down from 0.9146 to 0.9099, but bounced to 0.9138 as of 10:07 GMT today. AUD/JPY rose from 88.62 to 89.46.

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