Australian Dollar Fails to Rally

The Australian dollar was trying to rally earlier during the current trading session but failed and retreated to trade below the opening level as of now. Economic data and comments from central bank’s officials were playing against the currency and contributed to the decline.
The National Australia Bank reported that business confidence fell “in the face of a persistently soft operating environment for many firms”. Guy Debelle, Assistant Governor at the Reserve Bank of Australia, signaled that the recent decline of the Aussie was not enough to address Australia’s economic issue:

While that depreciation will do something to foster more balanced growth in the Australian economy, it has only served to take the trade-weighted index back to its levels of earlier in the year.

The Australian dollar attempted to hold ground even in face of the unfavorable fundamentals but lost its battle at the Asian trading session, continuing to fall at the European session.
AUD/USD fell from 0.8771 to 0.8726 as of 14:33 GMT today, retreating from the daily high of 0.8812. AUD/JPY traded at 93.35 following the rally from 93.69 to 94.52.

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