The Australian dollar maintained its downward bias at the Asian session today after economic data showed that the business confidence fell a bit and the number of home loans grew less than was expected by economists.
National Australia Bank reported that the business confidence index was at 8 in August. While the reading itself was not bad, the August figure was below the July’s reading of 10. The report noted that “confidence varies significantly across industries”.
The seasonally adjusted number of dwelling finance commitments rose 0.3 percent in July from June. It was below the consensus forecast of 1.1 percent.
The Aussie extended its yesterday’s drop today, falling against its major counterparts, even the weak Japanese yen, at the start of the trading session. While the currency attempted to return to the opening level, it still does not look ready for reversing its bearish trend.
AUD/USD dipped from 0.9281 to 0.9271 as of 2:29 GMT today. EUR/AUD ticked up from 1.3890 to 1.3901. AUD/JPY traded at about 98.37 after opening at 98.40.
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