The Australian dollar fell against its US peer today, dropping for the fourth straight trading session, as business confidence deteriorated last month. The currency rose versus the Japanese yen.
The NAB Business Confidence fell from 12 in September to 5 in October. The report said:
Businesses may have reassessed their expectations about future activity in the changed political environment given the continued weakness in actual business conditions. Nonetheless, overall confidence remains relatively higher than the well below-average levels over the previous three years.
AUD/USD fell from 0.9357 to 0.9322 as of 9:44 GMT today, while AUD/JPY went up from 92.77 to 92.91.
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