Australian Dollar Weak, Hurt by Soft Data from Australia & Abroad

The Australian dollar was soft today as economic data both domestic and from abroad was not particularly good. This added to the weakness caused by the uncertainty regarding the outcome of the US presidential elections.

The National Australia Bank reported that the business confidence slipped from +6 to +4 in October, though the report said “this could still be interpreted as a solid outcome.” Meanwhile, China registered a trade surplus of $49.06 last month. It was above the September’s $41.99 billion but below the consensus forecast of $51.7 billion.

AUD/USD slid from 0.7725 to 0.7710 as of 8:22 GMT today. EUR/AUD advanced from 1.4283 to 1.4367.

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