Aussie Edges Lower Despite Positive Data

The Australian dollar edged lower today even as economic indicators from Australia and abroad were supportive for the currency. Yesterday’s positive economic data from the United States made traders to prefer the US currency over riskier ones.
National Australia Bank reported that business confidence remained unchanged in the third quarter of 2014. The HSBC Flash China Manufacturing Purchasing Managers’ Index rose a little in October, reaching the highest level in three months. While both reports were relatively good, they mentioned some negative economic developments, reducing positive impact of the data. This might be the reason for lack of a reaction from the Aussie to the reports.
AUD/USD ticked down from 0.8779 to 0.8761 as of 5:09 GMT today. AUD/JPY slipped from 94.04 to 93.45.

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