The Australian dollar was little changed today after the release of Quarterly Business Survey from National Australia Bank. Yesterday, the currency dropped together with commodity prices.
The NAB survey showed that business confidence fell from 4 in the second quarter of 2015 to 0 in the third quarter. The report warned that the data was a bit old and perhaps did not reflect the current situation:
The fall in confidence is likely a reflection of the timing of the Survey, which took place just prior to the change in Liberal leadership and at a time when recent concerns over emerging markets were at their peak. The more timely monthly Business Survey showed that confidence posted a partial recovery in September once these issues settled down.
On Tuesday, the Reserve Bank of Australia released minutes of its latest policy meeting. The notes did not strike markets as overly dovish, giving hope that the RBA will not embark on additional monetary easing. Such outlook was supportive for the currency. Yet that support did not help the Aussie on Wednesday, when it was falling along with other commodity currencies.
AUD/USD traded at 0.7217 as of 1:27 GMT today after falling from 0.7259 to 0.7206 yesterday. EUR/AUD was at about 1.5708 following the rally from 1.5620 to 1.5715 on Wednesday. AUD/JPY traded near 86.52 during the current trading session after falling from 86.96 to 86.41 during the previous session.
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