The Australian dollar gained today as nation’s business confidence remained at the elevated level in February even though it retreated a bit compared to the previous month.
The business confidence index of National Australia Bank ticked down from 9 in January to 7 in February. The report said:
Business confidence eased slightly in the month, but remains marginally above trend levels, suggesting firms remain hopeful of a recovery despite mixed signals on business activity. With conditions looking volatile (and currently soft), it may be difficult for firms to maintain these levels of confidence.
The Aussie was able to rise despite the report but is struggling to keep gains.
AUD/USD rose from 0.9018 to 0.9032 as of 11:03 GMT today. AUD/JPY was up from 93.12 to 93.26.
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